$SINGAPORE EXCHANGE LIMITED(S68.SI)$Singapore Exchange's business growth may stay muted in FY 2023, RHB Research analyst Shekhar Jaiswal says in a research report. The analyst lowers the stock's target price to S$9.00 from S$10.30 with an unchanged neutral rating. Based on SGX's 1Q FY 2023 reported data, its implied FY 2023 securities daily average value and derivatives daily average volume missed RHB's forecasts, the analyst notes. Although SGX's derivatives volume could remain elevated as investors try to manage portfolio risks, its securities-market turnover might remain subdued in near term as investors seek to assess what comes next, while its operating costs are high, the analyst says. Shares are 0.8% lower at S$8.26. (ronnie.harui@wsj.com)