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Sheng Siong Group | Buy
Target price: S$1.25
Feb 26 close: S$1.09

DBS Equity Research, Feb 26

Growth continues to be led by new stores and cost efficiencies. Ten new stores were opened in 2018, bringing the total Singapore store count to 54 as at end-Dec 2018. Sheng Siong's growth strategy is to open new outlets in areas in which it has no presence. The near-term outlook for new supermarket supply in HDB estates looks good with five outlets up for tender in the next six months.

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