SINGAPORE (Mar 28): Maybank Kim Eng Research its “sell” call on supermarket chain Sheng Siong Group (SSG) with an unchanged target price of 95 cents, after NTUC FairPrice said last week it would hold the prices of 100 housebrand products for 15 months up to end-June next year.
Around half of these 100 products already had their prices slashed before the announcement.
“Given market leader NTUC FairPrice stated in the press release that the initiative is to ‘serve to moderate the cost of living by acting as an industry benchmark for prices of everyday essentials’, we expect SSG and peers to adjust grocery prices accordingly to the new normal,” says analyst Sze Jia Min in a Wednesday report.
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