- 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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