SINGAPORE (Oct 20): CIMB Securities is keeping its “reduce” call on the Singapore Exchange (SGX) with a lower target price of $7.04 from $7.24 previously, in view of low market volumes as global macroeconomic concerns weigh on investor sentiment.
The research house’s FY17-19 earnings per share (EPS) forecasts for SGX has been reduced by 3-4% to reflect lower securities and derivatives volumes after the bourse yesterday reported a 16.3% fall in 1Q17 earnings.
(See also: SGX posts 16.3% fall in 1Q earnings to $83.1 mil)
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