Sheng Siong

Sheng Siong: DBSV upgrades to Buy from Hold and Lifts TP to $0.76. Upgrade stems mainly from a more positive outlook on margins and earnings as well as the recent share price weakness. SSG outperformed house capex expectation in 1Q13. House now sees SSG achieving further economies of scale in terms of higher revenue per additional headcount, which will in turn drive higher margins.