SINGAPORE (June 25): CGS-CIMB Securities is initiating coverage on Jumbo Group with an “add” recommendation and target price of 62 cents, which is based on 23 times CY19F earnings, below its regional peer average of 24.7 times against a three-year EPS CAGR of 13.9% for CY17-20F.

This is in view of the group’s strong earnings growth outlook for FY19F, which the research house believes could see Jumbo opening its sixth Singapore outlet at the upcoming Jewel Changi Airport complex.

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