RHB Group Research Shekhar Jaiswal has kept a “neutral” rating on Singapore Exchange (SGX) with an increased target price of $10 from $9.80.
“While we are positive on SGX’s long-term growth prospects from its latest acquisitions and potential pipeline of new listings, we remain concerned about the lack of near-term re-rating catalysts,” says Jaiswal.
The analyst notes that continued global macroeconomic uncertainty could in fact lead to better-than-expected trading volume in the near term. With the recent Russia-Ukraine crisis causing elevated geopolitical tensions, this has in turn created heightened price volatility in global equity markets, with SGX seeing increased trading activity in February 2022.
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