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UOB KAYHIAN

UOB KAYHIAN

Jumbo Group (JUMBO SP) Second Tsui Wah Outlet In Singapore

Jumbo has opened a second Tsui Wah (Hong Kong-style “Cha Chaan Teng”) outlet in Singapore, known for its crispy buns served with condensed milk, at The Hereen along Orchard Road. The group plans to open a third outlet in Singapore in the next 12 months.

F&B industry data remain healthy with F&B service index posting growth of 3.2% yoy in 7M19. Maintain HOLD and PE-based target price of S$0.37. Suggested entry price: S$0.33.

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Singapore Strategy

Energy Correlation

The recent attack on key oil assets in Saudi Arabia is significant in our view as it took out 5% of global oil production. We examine the correlation of Singaporean companies with oil prices. On a 1-year historical basis, China Aviation Oil, Keppel Corp, Sembcorp Industries, Falcon Energy and Baker Technology showed the highest correlation.

 

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