This comes after the counter’s 12-month underperformance of 10% against the Straits Times Index due to excessive concerns about e-commerce disruptions, in Maybank’s view.
SINGAPORE (Apr 3): Maybank Kim Eng is resuming coverage of Sheng Siong Group at “buy” with a price target of $1.20, or 25 times FY18 earnings and 7 times EV/EBITDA.
At Sheng Siong's Apr 2 opening price of 93 cents, the counter trades at 19 times FY18E EPS or one standard deviation below its five-year mean and a 41% discount to regional peers.
