- Sheng Siong Group (SGX:OV8)’s 2Q24 results are in line with consensus and our estimates, with 1H24 forming 51%/52% of consensus and our 2024 forecasts respectively.
- 2Q24 revenue was up 1.2% y-o-y from better comparable same-store contributions, while gross margin edged up to a record 30.9%, from a better sales mix of higher-margin fresh produce which offset the slightly lower contribution from house brands.
Sales outperformed the industry; new stores expected to contribute.
- - Read this at SGinvestors.io -
- On the other hand, new-store sales declined 3.2% y-o-y, attributable to two store openings in 2023 and two in 1H24.
- - Read this at SGinvestors.io -
Higher interim dividend declared.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Heidi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian | https://research.uobkayhian.com/ 2024-08-20
Previous report by UOB:
2024-05-23 Sheng Siong - Solid Start To The Year; 1Q24 Results In Line.
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
