Sheng Siong Group - UOB Kay Hian 2023-05-09: Resilient Amid Volatile & High Inflation Environment

• Sheng Siong’s 1Q23 net profit of S$137m (+0.4% y-o-y) was in line with expectations, forming 24% of our full-year estimate. Revenue fell 0.4% y-o-y as demand continued to normalise from the easing of COVID-19-related restrictions. Gross margin improved 0.1ppt to 28.7% on a better sales mix.
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Sheng Siong's 1Q23 results in line with expectations.

• Sheng Siong (SGX:OV8) reported 1Q23 earnings of S$33.4m (-5.2% y-o-y), accounting for 24% of our full-year estimate. Revenue fell slightly by 0.4% y-o-y, due to continued normalised demand.
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Stable margins amid continued rising costs; higher finance income.

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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:
2025-03-18 Sheng Siong - 2024 Impacted By Rising Costs; More Stores To Drive Growth In 2025..

Previous report by UOB:
2024-11-29 Sheng Siong Group - 3Q24 Another Solid Quarter; Steady Growth Ahead.

Price targets by 3 other brokers at Sheng Siong Target Prices.

Listing of research reports at Sheng Siong Analyst Reports.

Relevant links:
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Sheng Siong Announcements,
Sheng Siong Dividend Payout Dates & Corporate Actions,
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