- Sheng Siong (SGX:OV8)’s 2022 net profit of S$137m (+0.4% y-o-y) was in line with expectations, forming 101% of our full-year estimates. 2022 revenue fell 2.2% y-o-y as demand continued to normalise from the easing of restrictions during the year. Meanwhile, gross margin improved 0.7ppt to 29.4% due to an improved sales mix.
- - Read this at SGinvestors.io -
- Maintain BUY recommendation on Sheng Siong with target price of S$1.91.
Sheng Siong's FY22 results in line with expectations.
- Sheng Siong reported 2022 earnings of S$133.6m (+0.4% y-o-y), making up 101% of our full-year estimates.
- - Read this at SGinvestors.io -
- Comparable same-store sales declined by 4.8% y-o-y, partially offset by a 2.1% contribution from the full-year operations of five new stores opened in end-21 and 2022 in Singapore.
Marginally higher margins despite rising costs.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2023-03-01
Read also UOB's most recent report:
2023-05-09 Sheng Siong Group - Resilient Amid Volatile & High Inflation Environment.
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 Dividends & Corporate Actions,
Sheng Siong News Articles
