In a report released today, Llelleythan Tan from UOB Kay Hian maintained a Hold rating on Singapore Exchange (SPXCF – Research Report), with a price target of S$14.08.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Llelleythan Tan has given his Hold rating due to a combination of factors influencing the Singapore Exchange’s current market position. The company has reported robust operating statistics, with a notable increase in securities daily average value and total securities market turnover, particularly in the financial and telecommunications sectors. Despite these positive indicators, the overall valuation of the Singapore Exchange is considered fair at the current price levels, prompting the decision to maintain a Hold rating.
Llelleythan Tan also noted strong performance in derivatives, especially in the fixed income, currencies, and commodities segment, although this was offset by weaker volumes in equity index futures. While forex volumes have surged, surpassing expectations, the commodities segment has experienced softer performance. These mixed results across different segments contribute to the balanced perspective on the stock, supporting the decision to uphold the Hold rating while setting a higher price target.
In another report released on June 2, CLSA also downgraded the stock to a Hold with a S$14.60 price target.