Sheng Siong Supermarket Sales Can Get Boost From At-Home Dining -- Market Talk

Dow Jones2022-05-04

0801 GMT - Sales at Sheng Siong Group's supermarkets may be supported by more at-home dining as consumers in Asia worry about the higher cost of living and look for ways to stretch their money, UOB Kay Hian analyst John Cheong says in a research report. The supermarket-chain operator will likely continue to build on its e-commerce capabilities for areas where it doesn't have a physical presence, in order to offer customers better accessibility to its products. The brokerage raises its 2022-2024 earnings estimates for the company by 9%, 9% and 7% respectively, and adjusts the stock's target price to S$1.69 from S$1.63. It keeps a hold rating on the shares, which are 1.3% higher at S$1.55. (ronnie.harui@wsj.com)

$(END)$ Dow Jones Newswires

May 04, 2022 04:01 ET (08:01 GMT)

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