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Brokers' take

Published Mon, Jan 16, 2017 · 09:50 PM
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Singapore Exchange | Buy (upgrade from Hold)

Target price: S$8.30

Jan 16 close: S$7.44

DBS Group Research, Jan 16

MARKET activity for the securities market improved in Q4 2016. The derivatives segment is also stabilising after steep declines in Q2 and Q3 2016.

Singapore Exchange (SGX) is trading at 20 times forecast 2018 earnings, which is near the low in recent years, and is also slightly lower than Bursa Malaysia's 22 times and 33 times for Hong Kong Exchange.

The worst may be over for the Singapore economy. The bottoming signals have emerged from the uptick in loan growth which bounded back into positive territory after a year of contraction. Singapore's manufacturing purchasing managers' index, in line with the global …

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