Bernadette Toh报道，新加坡交易所有限公司（SGX）股价周一下跌，延续跌势。自8月高点以来，其市值已蒸发约42亿美元，原因在于市场对过高估值的担忧日益升温。
Shares of Singapore Exchange Ltd. slipped on Monday, extending a slump that’s erased about $4.2 billion in market value since an August peak on rising concern over lofty valuations.
随着质疑声日益增多，据花旗集团10月2日发布的报告，该行下调了SGX的目标价，并将其列入为期90天的“负面催化剂观察名单”，同时维持卖出评级。摩根大通上周将SGX评级下调至中性；麦格理则于9月中旬将其推荐评级下调至跑输大盘。
Adding to a growing chorus of skepticism, Citigroup Inc. lowered its price target on the stock and placed it on a 90-day “negative catalyst watch,” according to an Oct. 2 note. It maintained a sell rating. JPMorgan Chase & Co. downgraded its rating on SGX to neutral last week while Macquarie lowered its recommendation to underperform mid-September.
SGX股价自8月26日创出历史高点以来已暴跌19%，成为同期新加坡海峡时报指数表现最差的股票。对于这只此前一直位居指数2026年涨幅榜前列的股票而言，这一逆转十分突然；此前，在机构投资者对本地股票市场，尤其是大型银行股兴趣日益增长的推动下，该股表现强势。
SGX’s stock has tumbled 19% since hitting a record high on Aug. 26, making it the worst performer on Singapore’s benchmark Straits Times Index in this period. It’s a sharp reversal for a stock that had ranked among the index’s top 2026 performers until then, buoyed by growing institutional interest in the local equity market, particularly its heavyweight bank shares.
花旗分析师Yong Hong Tan在报告中指出，将股票交易日益集中于大型银行已成为一项关键市场风险，并援引了这一点。他写道：“鉴于全球银行股遭抛售，海峡时报指数可能容易受到银行股波动的影响。”
Stock trading has become increasingly concentrated in the big banks, Citi analyst Yong Hong Tan wrote in the note, citing that as a key market risk. “Given the global banks’ selloff, the STI could be vulnerable to banks’ volatilities,” he wrote.
尽管遭遇大幅抛售，SGX股价按未来12个月预期盈利计算仍接近26倍，而这一估值倍数的10年平均值为22倍，海峡时报指数的估值倍数则约为16倍。
Despite the sharp selloff, SGX shares trade at almost 26 times their 12-month forward projected earnings. That’s versus a 10-year average of 22 times, and a valuation multiple of around 16 times for the STI benchmark.
花旗下调了对SGX的盈利预测，并指出铁矿石交易低迷也可能拖累该交易所从衍生品合约中获得的费用收入。该行将目标价下调至每股17.70新元，意味着该股较周五收盘价可能还有近16%的下跌空间。在前一交易日下跌逾7%后，SGX股价周一一度下跌2.1%。
Citi cut its earnings estimates for SGX, adding that sluggish iron-ore trading could also weigh on the fees the bourse earns from derivatives contracts. It lowered its price target to S$17.70 per share, which implies a potential downside of nearly 16% from Friday’s close. SGX’s stock fell as much as 2.1% on Monday following a decline of more than 7% in the previous session.