SINGAPORE (Aug 20): RHB Research is highlighting Sheng Siong Group (SSG) as its top consumer cyclical “buy” pick with a higher target price of $1.30 compared to $1.27 previously, upon raising 2019-2020F earnings by 2-3% on larger-than-expected retail space.
This comes after the group announced two new stores last Friday, bringing its total store count up to 52 from 44, in line with the research house’s full-year forecast and marking the “highest store win in history”, in RHB’s view.
To recap, the first 10,030 sq ft store at Woodlands Rise was won through a HDB private tender, and is expected to be operational in Sept this year.
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