In their Jan 12 report, Tan and Ong note that after a strong performance in FY2023 ended Sept 30, they forecast the group’s 9HFY2024 ended June Singapore same-store sales to rise 7% y-o-y, on the back of stronger demand from families and businesses, tourist-driven footfall and price hikes for selected items.
In anticipation of a Chinese-driven decline in revenue, CGS-CIMB Research analysts Kenneth Tan and Ong Khang Chuen have kept their “add” call on Jumbo Group (SGX:42R
) at a reduced target price of 36 cents from 40 cents previously.
The analysts’ target price is based on a 14x 2025 price-to-earnings ratio (P/E), which is in line with regional peers. This is down from a previous target price multiple of 20x P/E.
