OCBC Investment Research in an Apr 13 research report says: "With Chinese New Year (CNY) in 1Q12, we expect revenue contribution from the quarter to be the highest for the year as supermarkets tend to enjoy peak volumes during this festive period.
"Furthermore, SSG should record a y-o-y improvement in 1Q revenues following full quarter contributions from its Woodlands and Thomson stores. With no other surprises expected for SSG’s 1Q12 results, we leave our FY2012 projections unchanged and the same fair value estimate of 49 cents.
"Given recent market weaknesses, we reiterate our belief that SSG offers a quality, defensive play into domestic consumption demand and downside protection. In addition, with a committed 90% of net profit payout in FY12, SSG presents an attractive dividend play opportunity with an expected yield of about 5.8%. MAINTAIN HOLD."
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