SINGAPORE (Oct 16): Maybank Kim Eng Research is reiterating its “sell” call on mass-market supermarket operator Sheng Siong Group (SSG) with an unchanged target price of 96 cents, on the back of “tepid” supermarket sales.
Despite improving in August, supermarket sales contracted 0.1% y-o-y for the first eight months of 2019.
According to latest data in the Retail Sales Index, sales for supermarkets and hypermarkets improved 1.8% y-o-y in August – the largest increase since January this year.
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