- Sheng Siong’s 2023 earnings of S$134m (+0.3% y-o-y) is largely in line with expectations, forming 98% of our full-year estimates. However, revenue missed our expectations by 8% due to lower comparable same-stores sales in 4Q23.
- - Read this at SGinvestors.io -
2023 earnings slight miss on expectations.
- Sheng Siong Group (SGX:OV8) reported 2023 revenue and earnings of S$1.7b (+2.1% y-o-y) and S$134.0m (+0.3% y-o-y) respectively, making up 92% and 98% of our full-year forecasts respectively. The miss in expectations is likely due to lower comparable same-store sales in 4Q23, coming off from a high base in 4Q22 as:
- - Read this at SGinvestors.io -
- the lifting of travel restrictions in most markets fuelled a resurgence in outbound travel in 2023.
- Top-line growth was sustained by higher contributions from six new stores opened across 2022 and 2023.
Gross margin climbed despite rising input costs.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2024-03-26
Read also UOB's most recent report:
2024-08-20 Sheng Siong - Record-High Gross Margin in 2Q24; More Stores Slated To Open.
Previous report by UOB:
2024-05-23 Sheng Siong - Solid Start To The Year; 1Q24 Results In Line.
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 Dividends & Corporate Actions,
Sheng Siong News Articles
