Sheng Siong Group May See Earnings Upside From New Stores -- Market Talk

Dow Jones

2024-12-03

0454 GMT - Sheng Siong Group's earnings may see further upside on possible new-store openings, UOB Kay Hian analysts say in a research report. The supermarket chain operator opened a new store at Singapore's Bishan in October and expects to open another store at Toa Payoh in 4Q, the analysts note. The Singapore company is also awaiting results of four Housing & Development Board tenders, and will probably bid for one more tender to be put up in 4Q, the analysts say. The brokerage lifts its 2024-2026 revenue forecasts for Sheng Siong by 2%-4% to partly reflect a higher store-openings assumption for 2024. It raises the stock's target price to S$1.93 from S$1.88 with an unchanged buy rating. Shares are 1.8% higher at S$1.68. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

December 02, 2024 23:54 ET (04:54 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"OV8.SI":"昇菘"},"translate_title":"升菘集团可能会从新店中看到盈利上升——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OV8.SI":1},"content_text":"0454 GMT - Sheng Siong Group's earnings may see further upside on possible new-store openings, UOB Kay Hian analysts say in a research report. The supermarket chain operator opened a new store at Singapore's Bishan in October and expects to open another store at Toa Payoh in 4Q, the analysts note. The Singapore company is also awaiting results of four Housing & Development Board tenders, and will probably bid for one more tender to be put up in 4Q, the analysts say. The brokerage lifts its 2024-2026 revenue forecasts for Sheng Siong by 2%-4% to partly reflect a higher store-openings assumption for 2024. It raises the stock's target price to S$1.93 from S$1.88 with an unchanged buy rating. 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