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CGS-CIMB upgrades SGX to 'add', while RHB cuts TP to $10.30

Atiqah Mokhtar
Atiqah Mokhtar12/10/2021 04:49 PM GMT+08  • 3 min read
CGS-CIMB upgrades SGX to 'add', while RHB cuts TP to $10.30
CGS-CIMB believes SGX’s position as a financial hub in Asia could be boosted through future SPAC listings.
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CGS-CIMB Research analysts Andrea Choong and William Tng have upgraded Singapore Exchange (SGX) from “hold” to “add”, with an unchanged target price of $10.40.

The analysts believe that SGX’s position as a financial hub in Asia could be boosted through future listings via special purpose acquisition companies (SPACs).

“Incremental listing fees from SPAC may not be material for SGX but we believe the progressive listings of tech-related and new economy companies may lift valuations of the broader market over time,” they write in a Dec 9 research note.

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