Page 1 - Valuation in Abnormally Uncertain Times
P. 1
Valuation in Abnormally
Uncertain Times
May 2020
I Global public equity markets have declined sharply due to the increased uncertainty
and economic impact of society lockdowns as a response to the rapidly spreading
COVID-19 virus.
II The first quarter of 2020 has been devastating to shareholder values and required
returns increased for Singapore Listed Companies (“ListCos”).
III Whilst the Singapore ListCos experienced a slight valuation rebound by 30 April 2020,
it is still premature to foretell the short-term, medium-term and long-term impact of
the current situation with any certainty.
IV Based on our analysis of the COVID-19 impact on valuations and increase in required
returns for Singapore ListCos, we provide guidance in this publication on valuations in
times of abnormal uncertainty.
ADVISORY
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