0323 GMT - Singapore's grocery retailers could gain from a sturdy consumption outlook, RHB Singapore analyst Alfie Yeo says in a note. The brokerage's economists estimate Singapore's 2025 GDP will grow 3.0%, driven by the manufacturing and services sectors. This bodes well for consumption, as domestic industries recover and benefit from more robust global demand, Yeo says. The sector's valuations also seem compelling, citing 13X-17X FY2025 price-to-earnings ratio with around 4%-5% dividend yields, he adds. RHB maintains an overweight rating on Singapore's grocery retailers sector, with buy calls on Sheng Siong Group and DFI Retail Group.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 22:23 ET (03:23 GMT)
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