External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

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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

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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