RHB Group Research analyst Jarick Seet has upgraded Sheng Siong to “trading buy” from “neutral” previously with a higher target price of $1.95 from $1.70.

The new target price is based on 23 times FY2021 price-to-earnings (P/E).

The upgrade comes as the multi-ministry taskforce announced the further tightening of community measures on May 14.

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