The 2.53m new CME share issue, representing almost 7% increase of its capital, will start trading on PSE and Nasdaq today. CME issued new class A shares at USD 70 per share with an option to purchase additional 330,000 shares at USD 70 per share. CME thus received net proceeds of approximately USD 168.6m. As yesterday’s closing price was USD 69.75, we do not see any profit taking opportunity and reiterate our Buy recommendation with USD 73 fair value.