- 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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