Sheng Siong Set for Boost From Grocery Demand -- Market Talk

Dow Jones2022-07-15

0606 GMT - Sheng Siong Group is likely to enjoy healthy demand for groceries as rising inflation pushes more customers to dine at home, UOB Kay Hian analyst John Cheong says in a note. The brokerage upgrades the stock to buy from hold and increases its target price to S$1.91 from S$1.69. It raises its 2022 to 2024 earnings forecasts for the supermarket chain by 4.0% to account for stronger grocery demand, driven by sales of fresh food. Sheng Siong will also benefit from its plan to open three to five stores a year over the next three to five years, the broker says. Shares fall 0.6% to S$1.61. (yiwei.wong@wsj.com)

$(END)$ Dow Jones Newswires

July 15, 2022 02:06 ET (06:06 GMT)

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blessed_1
2022-08-06
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