SINGAPORE (Jan 21): Market operator Singapore Exchange is maintained at hold by CIMB with a new target price of $7.16 from $7.98 previously, after reporting its fiscal second-quarter results.

CIMB notes that the exchange, known as SGX, beat estimates mainly due to cost management. It forecasts a continued “tough” securities market but expects derivatives trading to sustain its earnings while market data and depositary services will help support growth.

However, CIMB says that, while negatives are priced in, it expects lower securities and derivatives volume in the second half of this year.

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