- 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.
