We project an expedited recovery in treasury income towards c.16% of revenue in FY23-24F (FY21: c.10%) as Fed signals 6 more hikes in CY22F. SDAV rose 21% yoy to S$1.6bn in Feb 22, rebounding strongly from the S$1.2bn average in 1H22. SGX’s China A50 trading volumes are steady. Reiterate Add. Continued geopolitical uncertainty should support demand for hedging solutions. Valuations are inexpensive at 23x CY22F P/E.