Brokers' Take

Super Group | Hold

Nov 11 close: S$1.055

Target price: S$1.15

DBS Group Research, Nov 11

We see Super undergoing a period of transition. We lowered our earnings projections by 16-17 per cent on the current set of disappointing results. However, we expect gross margin to improve in 2015 and 2016 on softer commodity prices for key raw materials such as sugar, palm oil and coffee. Super's share price has de-rated to 18 times currently at -0.5 standard de…