- 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 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/.
Heidi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian | https://research.uobkayhian.com/ 2024-08-20
Read also UOB's most recent report:
2024-11-29 Sheng Siong Group - 3Q24 Another Solid Quarter; Steady Growth Ahead.
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 Dividend Payout Dates & Corporate Actions,
Sheng Siong News
