In addition, it has also consistently delivered store count growth, having secured 44% of total HDB tenders for the past five years.
DBS Group Research is upgrading its call on supermarket operator Sheng Siong to “buy” from “hold” previously with a higher target price of $1.80 from $1.62.
Analysts Chee Zheng Feng and Andy Sim like that the group has an excellent track record of supply chain management and tender bidding. The group has consistently delivered y-o-y gross margin expansion, leveraging its excellent sourcing capabilities to procure products at competitive prices.
