Analysts have turned pessimistic on the Singapore Exchange (SGX) following the bourse operator’s weak full-year results ended June 30.

CGS-CIMB Research has downgraded the stock to "hold" from "add" previously with a lower target price of $10.70 from $11.61.

CGS-CIMB analyst Andrea Choong has also cut her earnings per share (EPS) estimates for the FY2022 to FY2023 by 8% to 10% due to the lower treasury income and higher operating expenses (opex).

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