Sheng Siong: CEO highlights that Grp is in talks with a potential partner to help it expand into Msia. Grp currently owns 25 stores in SG, and aims to own at least 50 outlets in Msia over the longer term as a fast-growing population and rising income will boost demand for basic necessities like groceries.
Grp is planning to open its 1st Msian supermarket in Johor, and is currently in discussions to form a jv with a listed co in Msia. It does not plan to compete in the hypermarket space, which is already crowded with larger rivals.
We note that such a move seems positive for grp, who is facing a strong competition within a very saturated mkt in SG, from larger peers, and could provide grp with a new avenue of growth. Street is currently mixed on counter with a wide range of Calls and mean TP of $0.42.
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