SINGAPORE (July 28): OCBC is keeping its “hold” call on Singapore Exchange on muted earnings outlook and the continued decline in the derivatives business.
That said, Asian stocks have done well so far this year and valuations have edged higher despite market uncertainty.
“We roll our valuation into the new financial year and based on peers’ average forward PER of 23x, we raise our fair value estimate to $7.83 from $7.53,” says analyst Carmen Lee in a Friday report.
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