- 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 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/.
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:
2024-11-29 Sheng Siong Group - 3Q24 Another Solid Quarter; Steady Growth Ahead.
Previous report by UOB:
2024-08-20 Sheng Siong - Record-High Gross Margin in 2Q24; More Stores Slated To Open.
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
