- We remain upbeat on Sheng Siong (SGX:OV8) on the back of steady consumption demand and store opening opportunities. We expect tailwinds from strong SSSG over the Lunar New Year (LNY) festive period and recently issued Community Development Council (CDC) vouchers to Singaporean households to drive growth.
- - Read this at SGinvestors.io -
1Q24 earnings in line.
- Sheng Siong's 1Q24 revenue came in at S$376m (+6% y-o-y), while earnings rose 9% y-o-y to S$36m – within expectations. Revenue growth was largely led by SSSG, which surged 8% y-o-y, partly due to a longer run up to LNY this year on 10 Feb (as opposed to 22 Jan last year). Consequently, Sheng Siong was able to enjoy more days of heightened festive sales demand, which supported the higher SSSG.
- - Read this at SGinvestors.io -
Expect outlet opening to be robust.
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-04-26
Previous report by RHB:
2024-02-28 Sheng Siong - New Stores & Consumption Driving Growth; BUY.
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 Dividends & Corporate Actions,
Sheng Siong News Articles