- 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 the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-08-02
Read also Phillip's most recent report:
2024-11-01 Sheng Siong - More Stores & Margin Expansion.
Price targets by 2 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
