The bulls charging up strongly for the whole of July. However, during the period between June and July, the bulls were exhibiting exhaustion. Read more technical pulse RESEARCH REPORTS Singapore Exchange Limited – Record derivatives performance cushions equities softness Recommendation: ACCUMULATE (Maintained), Last Done price: S$7.92 Target Price: S$8.09, Analyst: Tin Min Ying – 4Q19 net profit up 24% YoY, 7.6% above our forecast. – Derivatives volume surged 33% YoY, driven by FTSE China A50 futures, MSCI Taiwan and iron ore derivatives contracts. – SDAV fell 14% YoY as investors adopt a cautious stance in face of slowing economic growth. – Full dividend per share of 30 cents fell short of our FY19 DPS target of 31.5 cents. – We maintain ACCUMULATE at an unchanged TP of S$8.09. We peg our TP to 21x P/E, 1 SD below SGX's 5-year mean.