CIMB raises Sheng Siong's target price by 7 cents after earnings revision

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

Research House: CIMB

Price Call: BUY

Target Price: 0.84

SINGAPORE (Jan 29): CIMB is maintaining its "Add" call on Sheng Siong Group but raised its target price (TP) by 7 cents to 84 cents from 77 cents after revising the group's FY15 and FY16 earnings per share (EPS) by 4% and 7% respectively.

In a research report today, CIMB has revised Sheng Siong's store growth assumptions to factor in recent new stores including the opening of 14,000 sq ft additional retail space in the past two months, which are located in Penjuru and Tampiness respectively.