- Sheng Siong (SGX:OV8)’s 4Q23 net profit of S$34m (+1% y-o-y) was in line, with FY23 net profit forming 100%/99% of our/Bloomberg consensus’ forecasts.
4Q23: Another set of resilient earnings
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- 4Q23 net margin remained flattish y-o-y, as higher operating expenses were offset by continued gross profit margin expansion (+1.1% points y-o-y) and higher interest income.
Store opening likely to reaccelerate in FY24F
- FY23 had been a slow year in terms of new store openings for Sheng Siong (+2 in Singapore), mainly due to a slower pace of tendering exercise for commercial units by the Housing Development Board (HDB).
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- We forecast four new store openings in Singapore and one store addition in China for Sheng Siong in FY24F.
Deftly navigating business challenges
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