Sheng Siong Group - DBS Research 2025-03-03: Key Beneficiary Of SG60 Voucher Bonanza

• Sheng Siong's 4Q24 results were mixed, with revenue of S$351mil (+6% y-o-y) in line with estimates, while earnings fell short at S$29mil (-15% y-o-y), on higher operational costs.
• - Read this at SGinvestors.io -
• Depreciation included a one-off S$3.5mil charge from right-of-use assets related to supermarket reinstatement costs.

Balance sheet remains strong, with no debt and cash of S$353mil.

• - Read this at SGinvestors.io -
• Sheng Siong proposed a final dividends of 3.2 cents, representing a 70% payout ratio. The dividend is 2% y-o-y higher, in line with earnings growth.

Briefing Takeaways

High depreciation expense in 4Q24 is one-off.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-10-22 Sheng Siong - Becoming Singapore’s Clear No. 2 Grocer; Path To 120 Stores and Beyond.

Previous report by DBS:
2025-08-01 Sheng Siong - Well-positioned To Benefit From SG60 Voucher Boost.

Price targets by 5 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