- 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.
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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:
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- 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.
