Sheng Siong - RHB Invest 2023-10-27: A Positive Outlook; Maintain BUY

Sheng Siong - A Positive Outlook; Maintain BUY

Published:
Sheng Siong (SGX:OV8) | SGinvestors.ioSheng Siong (SGX:OV8)
  • We remain positive on Sheng Siong as we see growth fuelled by new outlet wins, the performance of its new stores, and better operating efficiency with plans for a new distribution centre.
  • Outlook is positive, based on domestic supermarket consumption, new store outlook, and its China operations.
  • - Read this at SGinvestors.io -

3Q23 earnings in line.

  • Sheng Siong (SGX:OV8)'s 3Q23 earnings of S$35m (+6% y-o-y) and revenue of S$346m (+4% y-o-y) were in line, albeit within 2.5% below our expectations.
  • Revenue growth was largely led by six new stores – which opened between FY22 and 9M23 – at +2.2% y-o-y, while SSSG increased by 1.8%. Annualised sales per sq ft remained robust, growing 1% y-o-y to S$2,237.
  • - Read this at SGinvestors.io -
  • China operations were profitable – excluding its fifth store, which only opened this year, its four stores there are all profitable.

Outlook is still positive.

  • Read more at SGinvestors.io.



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



Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2023-10-27



Read also RHB's most recent report:
2024-10-30 Sheng Siong Group - Outlets & Margins Driving Earnings; Maintain BUY.

Previous report by RHB:
2024-10-02 Sheng Siong - Positive On Property Acquisition; Maintain BUY.

Price targets by 3 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






Advertisement

You May Also Like



SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank Referral Code

Advertisement