Sheng Siong Group - CGS-CIMB Research 2021-10-29: Good Times Coming To An End

Sheng Siong Group - Good Times Coming To An End

  • Singapore’s continued tight mobility restrictions boosted Sheng Siong Group (SGX:OV8)’s 3Q21 results. Key positive was a continued uptrend in gross profit margin to a record 29.0%.
  • Ongoing mobility restrictions point to a strong 4Q, but we remain caution on elevated demand tapering off and threats from e-commerce in FY22F.
  • Reiterate HOLD call on Sheng Siong with a lower target price of S$1.50 (22x FY22F P/E) as we believe the near-term elevated demand has been priced in and see limited positive earnings catalysts in the near term.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen CFA CGS-CIMB Research | Kenneth TAN CGS-CIMB Research | 2021-10-29

Read also CGS-CIMB's most recent report:
2022-10-28 Sheng Siong Group - A Shelter In Times Of Uncertainty.

Previous report by CGS-CIMB:
2022-07-29 Sheng Siong - Another Quarter Of Record Gross Margin.

Price targets by 4 other brokers at Sheng Siong Target Prices.
Listing of research reports at Sheng Siong Analyst Reports.

Relevant links:
Sheng Siong Share Price History,
Sheng Siong Announcements,
Sheng Siong Dividends & Corporate Actions,
Sheng Siong News Articles

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