This comes after the bourse posted earnings of $99.7 million for 3Q19, down 1% from a year ago on the back of higher expenses of $110.6 million versus $104.4 million in 3Q18. The increase was mainly attributed to higher technology expenses and staff costs due to an enlarged headcount base.
SINGAPORE (April 29): OCBC Investment Research is downgrading its call on Singapore Exchange (SGX) to “hold” while lowering its fair value estimate to $7.60 from $7.98 previously, in view of a muted outlook.
Meanwhile, DBS Vickers Securities and CGS-CIMB Research are maintaining their “hold” and “add” calls on the stock with price targets of $7.05 and $7.90, respectively.
