Sheng Siong Group - OCBC Investment 2023-05-02: New Stores Sales Drove The Growth In 1Q23

• Sheng Siong (SGX:OV8)’s 1Q23 revenue fell marginally by 0.4% y-o-y to S$356.5m as sales continued to normalise with increased dining out and overseas travel. Comparable same store sales decreased 3.6% y-o-y in 1Q23 but were partially offset by a 3.6% growth from new stores.
• - Read this at SGinvestors.io -

On track to open 3-5 new stores each year

• As of 31 Mar 2023, Sheng Siong has 68 stores in Singapore and four stores in China. Sheng Siong opened one new store in 1Q23 in Singapore and its 5th store in Kunming, China recently.
• - Read this at SGinvestors.io -

Fair value estimate of S$1.94

• Read more at SGinvestors.io.

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

Read also OCBC's most recent report:
2025-11-03 Sheng Siong - Expanding Footprint.

Previous report by OCBC:
2025-08-01 Sheng Siong - Acceleration In New Stores Opening.

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