SINGAPORE (Nov 30) :
OCBC Investment Research has declared Sheng Siong Group (SSG) as its latest and sole preferred “buy” pick at an estimated fair value of $1.15, while maintaining its “neutral” stance on Singapore’s consumer sector.
In a Tuesday report, lead analyst Jodie Foo notes how the consumer sector saw a series of privatizations and acquisitions, which suggests that valuations have been generally reasonable.
“While sound long-term growth fundamentals remain intact for the region, particularly for Asia emerging markets, near-term outlook has been clouded by uncertainties arising from the region itself (Philippines and Thailand for instance) as well as on a global scale,” says Foo.
“2016 has been an odd one to say the least, with Brexit and the US election outcomes turning out starkly different from consensus expectations,” he observes in addition.
As such, the analyst remains cautious on the possibilities of further volatility in Asian emerging market (EM) currencies; the upward spike of soft commodity and oil prices which will result in pressure on margins for F&B manufacturers; as well as the continued rise of raw material prices.
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