SINGAPORE (Oct 22): OCBC investment Research has upgraded Singapore Exchange to “buy” with $8.16 fair value.

In a report out on Thursday, lead analyst Carmen Lee expects derivatives to continue to drive SGX’s growth and is rooting for a 25.5% increase in derivatives revenue.

On Wednesday, SGX announced it posted a 28% increase in 1Q16 net earnings to $99.3 million from a year ago, higher than market expectations of $90.3 million.

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