0458 GMT - Sheng Siong Group's growth is poised to be driven by its store network, RHB Research's Alfie Yeo says in a research report. The Singapore supermarket chain operator has outperformed RHB's store-opening target of three for 2024, having opened four new stores. The company has four other bids awaiting tender results and a new confirmed outlet in Singapore's Toa Payoh opening in coming months, the analyst notes. RHB now expects a more positive earnings outlook for Sheng Siong, driven by contribution from newer outlets and better gross margins. It also raises the stock's target price to S$2.00 from S$1.88 with an unchanged buy rating. Shares are unchanged at S$1.59. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 01, 2024 00:58 ET (04:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.