Sheng Siong Group - UOB Kay Hian 2023-11-02: 3Q23 Results In Line; Opportunities Arise With Steady Supply Of HDB Projects

• Sheng Siong’s 3Q23 net profit of S$34.8m (+5.7% y-o-y) was in line with expectations, with 9M23 forming 72.9% of our full-year estimate. 3Q23 revenue rose 3.7% y-o-y, due to higher contributions from new stores and stronger comparable same-store sales.
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• We are of the view that demand will remain resilient in the rising inflationary environment. Maintain BUY rating on Sheng Siong with target price: S$1.97.

3Q23 results in line with expectations.

• Sheng Siong Group (SGX:OV8) reported 3Q23 earnings of S$34.8m (+5.7% y-o-y, +8.1% q-o-q), in line with our expectation. The 9M23 PATMI accounts for 72.9% of our full-year estimate.
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Stable margins despite rising costs.

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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:
2025-08-02 Sheng Siong 2Q25 - Solid Margins & Store Count Growth; Lift Target Price By 22% To S$2.40.

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

Price targets by 4 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