Sheng Siong - UOB Kay Hian 2023-07-31: 2Q23 Another Steady Quarter Despite Challenging Backdrop

• Sheng Siong’s 1H23 net profit of S$65.5m (-2.9% y-o-y) was in line with expectations, forming 48% of our full-year estimates. 1H23 revenue rose 2.0% y-o-y, due to higher contributions from five new stores.
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• Maintain BUY. Target price: S$1.97.

1H23 results in line with expectations.

• Sheng Siong Group (SGX:OV8) reported 1H23 earnings of S$65.5m (-2.9% y-o-y), in line with our expectations. Revenue rose by 2% y-o-y, which was primarily led by higher contributions from five new stores opened in 2022 and 1Q23. Comparable same-store sales in Singapore fell by 1% y-o-y, offset by new stores contributing 3.3% y-o-y to total revenue.
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Stable margins amid rising costs, interim dividend proposed.

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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:
2025-11-03 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