Home Capital Broker's Calls

Sheng Siong outgunned in supermarket wars. Is it a worry?

Gwyneth Yeo
Gwyneth Yeo12/14/2016 12:58 PM GMT+08  • 2 min read
Sheng Siong outgunned in supermarket wars. Is it a worry?
SINGAPORE (Dec 14): Maybank Kim Eng has downgraded Sheng Siong Group from a “hold” rating to a “sell” rating after the supermarket operator failed to secure any new supermarket sites in December.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Dec 14): Maybank Kim Eng has downgraded Sheng Siong Group from a “hold” rating to a “sell” rating after the supermarket operator failed to secure any new supermarket sites in December.

Maybank Kim Eng analyst Gregory Yap noted that there was a repeat of the competitive bids seen in October, with the winning bids achieving prices of above $20 psf. Sheng Siong’s bids were closer to $16 psf.

The two HDB supermarket sites up for tender in December were won by small operators - Yes Supermarket and an individual linked to U Stars Supermarket - who each operate about three or four other sites.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now