CGS International downgrades Sheng Siong to ‘hold’ as costs likely to weight on profit growth

CGS International is downgrading its call on supermarket operator Sheng Siong Group (SSG) to “hold” from “add” previously with an unchanged target price of $2.21, following the group’s recent analyst briefing on Jul 31.

Analysts Meghana Kande and Lim Siew Khee on July 30 released a report (pre-briefing) that mentioned that they “like SSG for its strong operational track record and visible store tender pipeline”.