Sheng Siong

Sheng Siong: DBSV hosted Sheng Siong's CEO and CFO for a conference in Singapore and a two-day roadshow in Hong Kong. Likes the group for its stable earnings base, consistent dividend payout and yield of 4.0%. Population growth, store expansion, margin improvement and e-commerce will be Sheng Siong’s key growth drivers going forward. Maintains Buy with slightly higher TP of $0.78 (from $ 0.76).