"While we expect growth to resume in FY24F, near term outlook for cash equities remains weak amid low market valuations and an uncertain macroeconomic outlook," writes Jaiswal in his March 14 note.
Shekhar Jaiswal of RHB has maintained his "neutral" call on Singapore Exchange but has lowered his target price to $8.60 from $9.40 as the latest operating data has come in lower than seen, implying that the exchange’s volume for the current year ending June 2023 will fall short.
The revised target price reflects lowered earnings estimates for the current FY2023 ending June 2023 to FY2025.
