Stock Name: SGX
Company Name: SINGAPORE EXCHANGE LIMITED
Research House: DBS Vickers
Company Name: SINGAPORE EXCHANGE LIMITED
Research House: DBS Vickers
DBS Vickers upgrades Singapore Exchange (S68.SG) to Buy from Fully Valued, lifts target price to $9.60 from $6.90 after changing valuation method to dividend discount model from P/E basis, according to Dow Jones.
DBS Vickers says recent initiatives by bourse operator positive for growth prospects.
These include allowing ADR trading in Singapore, clearing over-the-counter traded financial derivatives, launching corporate bond trading for retail investors, all due from October.
Broker says SGX remains cheapest stock exchange in Asia, trading at about 20X P/E vs 31x for Hong Kong Exchanges & Clearing (0388.HK), 25x for Bursa Malaysia (1818.KU). Shares +2.2% at $8.69.
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