SINGAPORE (April 12): CIMB is maintaining its “add” rating for Sheng Siong with a 95 cents target price.

CIMB notes the acquisition of an existing store premises by Singapore retailer for $53 million.

Brokerage says that Sheng Siong is trying to be asset-light, so this is an odd move, but it could actually work positively for the company's profit outlook and “does little to dent the group's balance sheet”.

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