0514 GMT - The near-term outlook for Singapore Exchange's cash-equity business appears weak, says RHB Research analyst Shekhar Jaiswal in a research report, lowering the stock's target price to S$8.60 from S$9.40 with an unchanged neutral rating. SGX's cash-equity business is likely to continue to underperform amid slowing global economic growth, with RHB lowering its FY 2023 estimate for SGX's securities daily average value by 3%. Also, delays in major new equity listings amid low market valuations further reduce room for a sharp increase in SGX's SDAV, says RHB, which trims its FY 2023-2025 profit estimates for SGX by 3%. Shares are 0.5% lower at S$8.67. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 15, 2023 01:14 ET (05:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.