Sheng Siong - Phillip Securities 2023-10-30: Same-store Sales Inching Up

• Sheng Siong (SGX:OV8)'s 3Q23 results were within expectations. 9M23 revenue and PATMI were 75%/74% of our FY23e forecast. Despite the spike in salaries and electricity cost, PATMI grew 6% y-o-y on improving gross margins and interest income.
• - Read this at SGinvestors.io -
• We expect higher earnings growth in FY24e from new stores, lower utility costs, increase in same-store sales and interest income.
• Our FY23e earnings forecast and BUY recommendation for Sheng Siong is maintained. However, we are lowering our target price to S$1.80 (previously S$1.98).

The Positives

Same-store sales building momentum.

• - Read this at SGinvestors.io -
• Same-store sales is rising from market share gains and a jump in population in Singapore.

New stores recovering.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2025-11-03 Sheng Siong Group - More Stores, More Growth Ahead.

Previous report by Phillip:
2025-08-01 Sheng Siong Group - Operating Leverage Will Return.

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