Sheng Siong Group - Phillip Securities 2024-08-02: New Stores Start To Accelerate

• Sheng Siong (SGX:OV8)'s 1H24 revenue and PATMI were within expectations at 49%/50% of our FY24e forecast. Revenue only grew 1.2% y-o-y in 2Q24. We estimate same-store sales contracted in 2Q24 by around 2% points. Gross margins at a new record of 30.9%.
• - Read this at SGinvestors.io -
• We maintain our FY24e forecast for Sheng Siong with Sheng Siong's target price of S$1.66.

The Positive

Gross margins still uptrend.

• - Read this at SGinvestors.io -

The Negative

Sluggish sales growth.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-08-01 Sheng Siong Group - Operating Leverage Will Return.

Previous report by Phillip:
2025-05-02 Sheng Siong - Surge In New Stores.

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 Dividend Payout Dates & Corporate Actions,
Sheng Siong News