Sheng Siong - UOB Kay Hian 2024-05-23: Solid Start To The Year; 1Q24 Results In Line

• As the cost of living rises, consumers may shift toward Sheng Siong’s value-for-money products. Sheng Siong also continues to actively seek store opening opportunities in areas where it lacks a presence. Maintain BUY with an unchanged Sheng Siong's target price of S$1.88.

1Q24 results in line

• - Read this at SGinvestors.io -
• The top-line growth comes from higher comparable same-store sales by 8% y-o-y and 0.1% y-o-y in Singapore and China respectively. Of the 8% growth in Singapore stores, 3.6% is contributed by 63 matured stores, while the remaining 4.4% is by four stores opened in 2022.
• - Read this at SGinvestors.io -

Gross margin continues to tick upward; higher operating expenses from staff bonus.

• 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/.

Read also UOB's most recent report:
2025-11-03 Sheng Siong 3Q25 - Solid Margins & Store Growth; On Track For Another Record Year.

Previous report by UOB:
2025-08-02 Sheng Siong 2Q25 - Solid Margins & Store Count Growth; Lift Target Price By 22% To S$2.40.

Price targets by 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