CGS-CIMB Research analyst Cezzanne See remains positive on Sheng Siong Group following healthy Singapore supermarket and hypermarket sales reported for the first two months of 2021.

She has maintained her ‘add’ call for the counter with an unchanged target price of $1.88 in a research note dated April 13.

According to Singapore’s Department of Statistics (SingStat), supermarket sales and hypermarket sales rose 7.3% y-o-y in January and 13.6% y-o-y in February, which See says is a “pleasant surprise” given the higher bases of 9.4% in January 2020  and 15.4% in February 2020.

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