Sheng Siong Group net profit decimated

Stock Name: Sheng Siong
Company Name: SHENG SIONG GROUP LTD

Research House: CIMB

Price Call: BUY

Target Price: 0.51

Sheng Siong Group experienced an unexpected tax charge, IPO expense, a drop in miscellaneous  income and margin pressure from increased competition over the festive period, decimating net profit. While we are disappointed, we believe this quarter is a one-off. Maintain Outperform with same target price of S$0.51

Source: CIMB TraderAM - 27th Feb 2012