External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Sheng Siong's share price has declined ~7% from S$1.77 to S$1.64, along with the wider market, including the STI Index, since our report Sheng Siong - Growth Traction Intact; Keep BUY in May.</li><li>Singapore’s supermarket retail sales has normalised earlier than expected. We had expected supermarket retail sales to normalise around May, but it grew 0.6% y-o-y and 0.1% m-o-m in April.</li><li>Prior to this, it declined y-o-y for 11 consecutive months since May 2022, due to the high base of robust supermarket retail sales resulting from COVID-19’s safe distancing restrictions in 2021.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheng Siong's share price has declined ~7% from S$1.77 to S$1.64, along with the wider market, including the STI Index, since our report Sheng Siong - Growth Traction Intact; Keep BUY in May.Singapore’s supermarket retail sales has normalised earlier than expected. We had expected supermarket retail sales to normalise around May, but it grew 0.6% y-o-y and 0.1% m-o-m in April.Prior to this, it declined y-o-y for 11 consecutive months since May 2022, due to the high base of robust supermarket retail sales resulting from COVID-19’s safe distancing restrictions in 2021.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheng Siong - Palatable Valuations; Keep BUY

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 363.047px; height: 14px;"> </td><td style="width: 362.953px; height: 14px;">ELITE (GBP)</td></tr><tr><td style="width: 363.047px; height: 14px;">Period</td><td style="width: 362.953px; height: 14px;">1H21</td></tr><tr><td style="width: 363.047px; height: 14px;">Gross Revenue (S$ m)</td><td style="width: 362.953px; height: 14px;">15.9 (+37.7% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">NPI (S$ m)</td><td style="width: 362.953px; height: 14px;">15.4 (+37% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">DPU (S$ c)</td><td style="width: 362.953px; height: 14px;">2.63 (+8.7% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">NAV per Unit (S$)</td><td style="width: 362.953px; height: 14px;">0.62</td></tr><tr><td style="width: 363.047px; height: 14px;">P/B (x)</td><td style="width: 362.953px; height: 14px;">1.08</td></tr><tr><td style="width: 363.047px; height: 14px;">Occupancy (%)</td><td style="width: 362.953px; height: 14px;">100</td></tr><tr><td style="width: 363.047px; height: 7px;">Reversion (%)</td><td style="width: 362.953px; height: 7px;">Not Disclosed</td></tr><tr><td style="width: 363.047px; height: 14px;">Gearing (%)</td><td style="width: 362.953px; height: 14px;">42.1</td></tr><tr><td style="width: 363.047px; height: 14px;">Cost of Debt (%)</td><td style="width: 362.953px; height: 14px;">1.9</td></tr><tr><td style="width: 363.047px; height: 14px;">1 Yr Fwd Yield (%)</td><td style="width: 362.953px; height: 14px;">7.41</td></tr><tr><td style="width: 363.047px; height: 14px;">Debt Hedged (%)</td><td style="width: 362.953px; height: 14px;">63</td></tr><tr><td style="width: 363.047px; height: 14px;">Target Price</td><td style="width: 362.953px; height: 14px;">N/A</td></tr><tr><td style="width: 363.047px; height: 14px;">Rating</td><td style="width: 362.953px; height: 14px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) ELITE (GBP)Period1H21Gross Revenue (S$ m)15.9 (+37.7% vs forecast)NPI (S$ m)15.4 (+37% vs forecast)DPU (S$ c)2.63 (+8.7% vs forecast)NAV per Unit (S$)0.62P/B (x)1.08Occupancy (%)100Reversion (%)Not DisclosedGearing (%)42.1Cost of Debt (%)1.91 Yr Fwd Yield (%)7.41Debt Hedged (%)63Target PriceN/ARatingN/A

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

Singapore

Envictus International Holdings Limited manufactures and distributes sweetened condensed milk and evaporated milk. The Company also repacks and distributes complementary products such as full cream and instant high calcium non-fat milk powder, instant coffee powder, and tea dust.

Khong Guan Flour Milling Limited is an investment holding company, The Company trades wheat flour and other edible products. Through its subsidiaries, Khong Guan also trades raw and processed commodities, biscuits, snacks, and investments.

Hosen Group Ltd distributes fast moving consumer goods (FMCGs) under its house brands as well as under third party leading brands.  The Company has its own lines of canned fruits, vegetables, seafood, meat products and beverages.

Olam Group Ltd operates as a food and agri-business company. The Company supplies food ingredients, feed, fibre, and edible oil. Olam Group serves customers worldwide.

Through our purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. 

Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

More information on Olam can be found at www.olamgroup.com. 
	 	 
Olam is located at 7 Straits View, Marina One East Tower #20-01, Singapore 018936. Telephone: +65 63394100, Facsimile: +65 63399755.

Fraser and Neave Limited is principally engaged in the food and beverage, and printing and publishing business. The Company's principal activities include the production and sale of beverages, which includes soft drinks, beer, stout, and dairy products; and printing and publishing.

Established in 1992 and listed on the Singapore Exchange since 2007, First Resources is one of the leading palm oil producers in the region, managing over 200,000 hectares of oil palm plantations across the Riau, East Kalimantan and West Kalimantan provinces of Indonesia.

Our core business activities include cultivating oil palms, harvesting the fresh fruit bunches (FFB) and milling them into crude palm oil (CPO) and palm kernel (PK). In addition to plantations and palm oil mills, the Group through its refinery, fractionation, biodiesel and kernel crushing plants, processes its CPO and PK production into higher value palm-based products such as biodiesel, refined, bleached and deodorised (RBD) olein and RBD stearin, palm kernel oil and palm kernel expeller. This enables the Group to extract maximum value out of our upstream plantation assets. Our products are sold to both local and international markets.

First Resources is committed to the production of sustainable palm oil. Our sustainability strategy is centred upon maximising output while minimising the adverse environmental and social impact from our operations. We will constantly strengthen our sustainability framework through regular benchmarking against industry standards and best practices.

Dairy Farm International Holdings Limited and its subsidiaries operate retail stores such as supermarkets, drugstores, and convenience stores in Hong Kong, Taiwan, China, Singapore, Malaysia, Indonesia, India.

Dairy Farm International Holdings (DFI SP)

Del Monte Pacific Limited produces and markets packaged vegetable and fruit, beverage and culinary products. The Group has the exclusive right to use the Del Monte brand for packaged products in the USA, South America, Philippines, the Indian subcontinent and Myanmar, and the S&W brand for both packaged and fresh products globally except Australia and New Zealand.

Bumitama Agri is a leading producer of crude palm oil and palm kernel in Indonesia. The Group is principally engaged in the cultivation of oil palm trees, as well as the harvesting and processing of fresh palm fruit bunches into CPO and PK. It was founded in 1996 and listed on the Singapore Exchange in 2012. 

Past extensification efforts, combined with continuous improvement in production processes, have bolstered Bumitama’s FFB (internally sourced) and CPO production volumes to climb significantly over the last ten years, with a CAGR of 11.8%. The Group has consistently stayed on the path towards achieving higher yields and extraction rates by investing in research and development, technology, and best practices in cultivation of oil palm. These efforts have made the Group one of the most efficient producers in the industry today, boasting a CPO yield of 4.2 tonnes per ha in 2021.

In recognition of its operations’ superiority, the Group has received numerous accolades which include having listed as Forbes Asia’s 200 Best Under a Billion 2013, earned Frost & Sullivan Indonesia’s Excellence Award in 2014, and obtained the Best Managed Small Cap Company in 2016 and the Most Outstanding Company in Singapore for the Decade (2010-2019) in 2019 from Asiamoney.

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel.  The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

Sun Art Retail Group Ltd. operates hypermarkets.  The Company retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners.

Chefs' Warehouse Inc. is a premier distributor of specialty food products in the United States. The Company is focused on serving the specific needs of chefs who own and/or operate restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools and specialty food stores.

GS Retail Co., Ltd. operates a chain of retail stores. The Company provides beauty and skincare products, candles, gifts, perfumes, ornaments, bathroom accessories, and other products. GS Retail serves its customers in the Republic of South Korea.

The Andersons, Inc. merchandises grain, operates grain elevator facilities, distributes wholesale agricultural fertilizer, and distributes agricultural inputs to dealers and farmers.  The Company also manufactures lawn fertilizer and corncob-based products, and purchases, sells, repairs, and leases railcars. In addition, The Andersons operates retail stores and a distribution center.

Weis Markets, Inc. operates retail food markets in Pennsylvania, Maryland, New Jersey, New York, Virginia, and West Virginia. The Company also operates the SuperPetz pet supply chain of stores.

Ingles Markets, Incorporated operates a supermarket chain in the southeastern United States.  The Company also owns and operates neighborhood shopping centers.

CREATE SD HOLDINGS Co Ltd operates a chain of drug stores based in Kanagawa. The Company sells medical supplies, cosmetics, foodstuff, baby products and daily goods. CREATE SD HOLDINGS also sells prescription medicine.

Mitsubishi Shokuhin Co.,Ltd. is a wholesaler of processed food. The Company sells a varietyof groceries including canned products, dried food, frozen food, pet food, beverages, and liquors.

Casino Guichard-Perrachon SA operates a wide range of hypermarkets, supermarkets, and  convenience stores.  The Company operates in Asia and Europe.

Metro AG operates retail stores and markets products over the Internet.  The Company operates cash and carry stores, supermarkets and hypermarkets, consumer electronics stores, department stores, theme stores, and online sales services.

Sheng Siong Group Ltd is a retailer in Singapore.  The Company operates a groceries chain across Singapore. Sheng Siong's stores provide fresh and chilled produce, seafood, meat and vegetables, processed, packaged and preserved food products as well as general merchandise such as toiletries and essential household items.

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Sheng Siong (SSG SP)

Sheng Siong - Palatable Valuations; Keep BUY

Sheng Siong's share price has declined ~7% from S$1.77 to S$1.64, along with the wider market, including the STI Index, since our report Sheng...

RHB Invest

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks

ELITE >7% GBP yield with min collection risks; EAGLEHT Dalls hotel sold at lower price; GLP sees frothy valuations in most markets; DILD 1H21 mktg...

SCCM Asia Research

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