On that note, the analyst is anticipating more comparable Singapore supermarket retail sales growth going forward. Singapore’s supermarket retail sales has normalised earlier than expected.
RHB Bank Singapore is reiterating its “buy” call on Sheng Siong (SGX:OV8
) with a higher target price of $2.04 from $2.00 previously. Since the research house’s last update in May, shares in Sheng Siong have declined by about 7% from $1.77 to $1.63 on June 16, along with the wider market, including the STI Index.
While fundamentals have hardly deteriorated, valuations declined to -1 standard deviation (SD) of its historical mean forward P/E at about 16.9x. Analyst Alfie Yeo’s call is supported by about 4% FY2024 yield, as he believes valuation at current levels is attractive.
