OCBC Investment Research, citing heavier-than-average trading volume seen in March and expected near term volatility, has raised its fair value for Singapore Exchange to $14.09 from $13.68.

In March, securities daily average value increased by 25% y-o-y to a three-year high of $29.7 billion. Several of the Straits Times Index component stocks reached record trading volumes of 5 to 6 times their 6-month average.

"Furthermore, SGX will also benefit from increased hedging activities for its derivatives business given heightened market volatility," says OCBC in its April 10 report.