Jumbo ‘in’, Sheng Siong ‘out’ for Maybank KE

SINGAPORE (Sept 28): Maybank Kim Eng is upgrading Jumbo to a “buy” with a higher target price of 78 cents, while downgrading Sheng Siong to “hold” with a target price of $1.13.

In a report on Tuesday, analyst Gregory Yap cites Jumbo’s franchising as a positive factor while Sheng Siong’s catalysts are fading with the delay with its maiden China store and closure of the Verge outlet.

Yap cites Jumbo as a “stock to own” as the year enters the seasonal 4Q peak. Catalysts such as franchising business development efforts should kick in by 1Q2017.

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