Sheng Siong - RHB Invest 2023-01-26: Margin & Network Expansion To Drive Growth; Keep BUY

• We continue to like Sheng Siong (SGX:OV8) for its defensive features, strong cash flow-generating ability, net cash balance sheet, attractive dividend yields, and stable earnings driven by store network and margin expansion.
• - Read this at SGinvestors.io -

Sheng Siong is still driving gross profit margin expansion.

• Sheng Siong’s gross profit margin (GPM) expanded over the past 5 years, from 26% in 2017 to 30% in 3Q22. Bulk handing, tilting its sales mix towards fresh products, directly purchasing from sources, and the growth of its house brands (to a lesser extent) have all helped to drive GPM growth.
• - Read this at SGinvestors.io -

Outlook for new supermarket outlets available for tender remains positive.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-11-04 Sheng Siong - Store Count Outperforms; Stay BUY.

Previous report by RHB:
2025-10-29 Sheng Siong - Poised For Long-term Growth; Maintain BUY.

Price targets by 5 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 Dividend Payout Dates & Corporate Actions,
Sheng Siong News