DBS Group Holdings Ltd (DBSDY)

Temasek to step up investments once market valuations drop further, executive says

Singapore's Temasek Holdings said that market valuations had not yet priced in a global economic recession and that said the state investor was waiting for further declines before stepping up investments. "Current valuations are not reflecting the risk of downturn we see in the next 12 to 18 months," Temasek's chief investment officer, Rohit Sipahimalani, said on Friday. "I do expect as these valuations correct, we will again step up our pace of investment," Sipahimalani told a session at the Milken Institute Asia Summit in Singapore.