- As the Singapore government increases the GST rate from 7% to 9% in two stages, we believe Sheng Siong (SGX:OV8) will continue to enjoy steady demand with changing consumer dining habits. This should offset the reduced demand from the easing of COVID-19 restrictions.
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Elevated inflationary environment and GST hike led to more at-home meals.
- Singapore has increased its good and services tax (GST) from 7% to 8% on 1 Jan 23. In a bid to cushion the blow of the newly-introduced rate hike, Sheng Siong has launched a “Counter-Inflation Discount” till 31 Mar 23, where shoppers can get most in-store products at 1% off.
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Steadily growing gross margin a strong testament to ability to pass on costs.
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