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via EdgeSingapore RSS on 5/21/09
DBS Group Research in their daily note today said it "believes the worst is over for the Singapore economy and the market could re-rate to mid cycle PER as the economy progressively recovers."
"Our near term target could hit 2,400 if we apply a target PER of 16x, which is the historical average PER on FY09 earnings. Applying a potential earnings growth of 11% growth for next year, the STI could reach 2,865 without stretching valuations to extreme levels."
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