Sheng Siong Group's Growth Set to Be Driven by Store Network -- Market Talk

Dow Jones

2024/11/01

0458 GMT - Sheng Siong Group's growth is poised to be driven by its store network, RHB Research's Alfie Yeo says in a research report. The Singapore supermarket chain operator has outperformed RHB's store-opening target of three for 2024, having opened four new stores. The company has four other bids awaiting tender results and a new confirmed outlet in Singapore's Toa Payoh opening in coming months, the analyst notes. RHB now expects a more positive earnings outlook for Sheng Siong, driven by contribution from newer outlets and better gross margins. It also raises the stock's target price to S$2.00 from S$1.88 with an unchanged buy rating. Shares are unchanged at S$1.59. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

November 01, 2024 00:58 ET (04:58 GMT)

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