SINGAPORE (Oct 22): Singapore Exchange has upgraded to a “hold” rating from “reduce” by CIMB after the bourse operator reported stronger than expected results.

Fiscal first quarter net profit rose 28% on year, thanks to volatility in regional markets, SGX said, with average daily volumes in securities up substantially.

CIMB says it upgrades SGX because “valuations are more palatable at 20 times forward price-to-earnings”, which it notes is 0.5 standard deviation below the company's historical mean.

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