Strong Monthly Performance As Volatility Peaks
For Feb 22, SGX saw improved SDAV and DDAV as trading volatility peaked, mainly
driven by the Ukraine-Russia war. Commodities and forex derivatives volumes rose as
demand for risk management surged. Additional interest rate hikes are expected to
boost profit further. In our view, SGX remains fairly valued at current price levels with
limited upside. Maintain HOLD with a higher target price of S$9.33.