Sheng Siong Group - UOB Kay Hian 2023-03-01: 2022 Results In Line, Value-For-Money Appeals In 2023

• 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-11-03 Sheng Siong 3Q25 - Solid Margins & Store Growth; On Track For Another Record Year.

Previous report by UOB:
2025-08-02 Sheng Siong 2Q25 - Solid Margins & Store Count Growth; Lift Target Price By 22% To S$2.40.

Price targets by 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