Sheng Siong Group - UOB Kay Hian 2023-01-19: Staying Defensive Amid Inflation & GST Hike

Sheng Siong Group - Staying Defensive Amid Inflation & GST Hike

  • 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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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2023-01-19

Read also UOB's most recent report:
2023-03-01 Sheng Siong Group - 2022 Results In Line, Value-For-Money Appeals In 2023.

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Listing of research reports at Sheng Siong Analyst Reports.

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