Brokers' take

Sheng Siong Group | Sell (initiate) March 19 close: S$1.06 Target price: S$0.95 Maybank Kim Eng, March 18

We believe Sheng Siong is not immune to a slowdown in consumer spending amid economic deceleration that the Maybank Kim Eng Economics team anticipates in 2019, which come on top of rising e-commerce competition and changing dining habits.

We pencil in more-conservative-than-street estimates on new-store sales and same-stores-sales (SSS) contributions for FY2019-2020.