- According to Singapore Department of Statistics, retail sales in Singapore increased 1.3% y-o-y in Jan 2024, compared to a 0.5% decline in Dec 2023.
- Within the retail trade sector, performance was mixed. Sales of motor vehicles grew 37.3% y-o-y while sales of food & alcohol, and watches & jewellery rose 8.5% and 5.3% y-o-y respectively.
Supermarket & hypermarket sales declined 6.5% y-o-y in Jan 2024
- - Read this at SGinvestors.io -
- On a seasonally adjusted month-on-month basis (MoM), supermarkets & hypermarkets sales grew 10.6%.
- Overall, sales of supermarkets & hypermarkets have seen a declining y-o-y trend since May 2022, normalizing from its elevated sales during COVID-19 period.
Sheng Siong’s share price down 4% year-to-date
- Sheng Siong's share price was down 4% year-to-date, likely due to concerns over its slower revenue growth and margin expansion in 4Q23. Gross profit margin (GPM) improved from 29.25% in 4Q22 to 30.3% in 4Q23 but was down 0.05 percentage points (ppts) q-o-q from 3Q23.
- - Read this at SGinvestors.io -
- Sheng Siong has renewed electricity contract for FY24 at lower tariffs and continues to roll-out more self-checkout machines at its stores to improve labour productivity.
On track to reach its target of opening at least 3 new stores in 2024
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-04-04
Previous report by OCBC:
2023-10-04 Sheng Siong Group - Staying Defensive.
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
