On the other hand, a bear case retracing to 10 times price-to-earnings ratio (P/E) would lead to 3,260.
Heading into 2025, Macquarie has set a Straits Times Index (STI) target of 4,000 based on its bottom-up stock coverage with an expected 5% earnings per share (EPS) growth, according to its Singapore Strategy and Outlook report for 2025.
In its report released on Dec 2, Macquarie’s Asia equity research team comprising of Jayden Vantarakis, Foo Zhiwei, Rachel Tan and Gilbert Lopez stated that a bull case would result in a 18% upside to 4,410.
