Sheng Siong started at "buy", 88-cent target by Phillip Capital

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

Research House: Phillip Securities

Price Call: BUY

Target Price: 0.88

SINGAPORE (March 4): Phillip Capital has started coverage on Sheng Siong Group with a "buy" call and an 88-cent price target, which is based on 23.9 times earnings.

Since its 2011 listing, Sheng Siong is estimated to have gained an additional 3% share in Singapore's mass-market grocery sector, and its Ebit (earnings before interest and tax) margins are now higher than those of NTUC Fairprice and Dairy Farm International, the broking house said.