On Feb 12, the government announced another $1.5 billion to the Equity Market Development Programme, bringing the total boost to the local market to $6.5 billion. "This should further help fund managers build deeper Singapore equity exposure, bring in third-party inflows, and improve market liquidity," says Jaiswal.
Shekhar Jaiswal has kept his "neutral" call on Singapore Exchange Group, but with a slightly raised target price of $19 from $18.50, after taking into account higher 1HFY2026 trading and clearing fees, thereby raising his FY2026 to FY2028 earnings estimates by between 0.9% to 3.3%.
"Policy tailwinds are improving the medium-term outlook, which should support liquidity, issuance, and turnover," states Jaiswal in his Feb 16 note.
