SGX reported a FY 3Q10 net profit of SGD74.6 mn (+35% Y/Y), -6% below our estimates and -8% below consensus

The company will host a conference call at 0:30 am ET via the company`s website:

conference call link

· Total revenues reached SGD153mn, in-line with our estimates and -5% below consensus.

· The main difference with our estimates relates to higher than expected one-time expenses and a higher than expected effective tax rate (17% vs. 15%).

· The one-time items include SGD2.2mn in “step-up technology related costs” (which we anticipated could come in higher than what we expected) and a higher than expected variable bonus provision (non-cash charge).

Provided By: Equity Research Desk www.erdesk.com