SINGAPORE (Apr 11): RHB is upgrading its call on Sheng Siong Group to “buy” from “neutral” with a higher target price of $1.11 from 98 cents previously, which results from a 2-3% increase in FY18-20 estimates and target P/E from 19 to 21 times.
In a Wednesday report, analyst Juliana Cai says she thinks the market has underestimated the group’s near-term growth prospects given the recent improvement in consumer confidence and rising domestic consumption.
She also recommends investing in Sheng Siong for its defensive nature.
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