- Sheng Siong’s attractive financial metrics include an ROE of 27%, a dividend yield of 4.0%, and net cash of S$350mil. We raised our FY24e forecast by 5% to S$145.8mil. Our ACCUMULATE recommendation is maintained.
- - Read this at SGinvestors.io -
- In 3Q24, Sheng Siong opened two new stores in Singapore, bringing the total to 73 (or +1.4% expansion in space). Another new store opened in October, and Toa Payoh store acquisition is pending completion by the end of this year. Furthermore, five new stores are waiting for their tender results from HDB.
The Positive
Gross margins continue to expand.
- - Read this at SGinvestors.io -
- We also believe competition has been muted and confined to small retail fresh food shops that source from selected farms in Malaysia.
The Negative
Lacklustre same-store sales.
- 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 | http://www.poems.com.sg/ 2024-11-01
Previous report by Phillip:
2024-08-02 Sheng Siong Group - New Stores Start To Accelerate.
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
