Sheng Siong

Sheng Siong: CIMB maintains the Add rating, but revises down its TP for Sheng Siong to $0.73 (from $0.79), accounting for dilution effects on earnings per share, following the recent private placement. The placement raised $79m capital for Sheng Siong, bringing the group's cash ammunition to $110m to acquire new sites for growth. This will probably get them two additional stores in Singapore, if they acquire the shop space, from their current 33. The street are currently awaiting for more concrete details from management on its growth plans, and and greater visibility on its intention to venture into China.