Maybank Kim Eng downgrade Sheng Siong from BUY to HOLD with just 5% upside to SGD1.13 TP, and upgrade Jumbo from HOLD to BUY with 40% upside to the revised TP of SGD0.78. In the seasonally stronger 4Q, stocks that do better such as Jumbo should outperform defensive stocks such as Sheng Siong, which typically see weaker sales. On top of that, valuations favour Jumbo and positive catalysts await it as well. But Sheng Siong could face neutral to negative developments.
Technically, on 26 Sep 2016, Jumbo exhibits a hammer and the price closed at $0.565 support. http://www.investopedia.com/terms/h/hammer.asp
This was followed by a price gain of $0.025 the next day with big volume the next trading day.
Today, Jumbo exhibits a doji with immediate resistance at $0.605. The next resistance will be the 50 day-Moving Average of $0.620.
http://www.investopedia.com/terms/d/doji.asp
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