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PhillipCapital upgrades Sheng Siong to 'buy' while other analysts lower TPs

Felicia Tan
Felicia Tan11/2/2021 05:30 PM GMT+08  • 6 min read
PhillipCapital upgrades Sheng Siong to 'buy' while other analysts lower TPs
Most of the analysts estimate that the group will see normalised earnings in the FY2022 as regular economic activities resume.
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PhillipCapital analyst Paul Chew has upgraded his recommendation on the Sheng Siong Group to “buy” from “accumulate” with an unchanged target price of $1.69.

“Sheng Siong Group enjoys [an] attractive return on equities (ROEs) of 25%, dividend yields at 3.2% and net cash at $215 million (as at September 2021),” he writes in a Nov 1 report.

To Chew, the upgrade comes amid the group’s recent share price weakness, which he deems as an opportunity to buy into the stock.

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