- Sheng Siong (SGX:OV8)’s 4Q24 revenue increased 6.0% y-o-y (YoY) to S$351.3m, primarily driven by new stores opening. Selling and distribution expenses rose 13.6% y-o-y during the quarter, mainly due to increased staff cost and depreciation.
In-line set of results.
- - Read this at SGinvestors.io -
- A final dividend of 3.20 Singapore cents per share was declared, taking total Sheng Siong's dividends for FY24 to 6.40 Singapore cents per share (+2.4% y-o-y).
Expansion supported by robust tender supply.
- - Read this at SGinvestors.io -
- During FY24, Sheng Siong opened six new stores in Singapore and one new store in China, bringing its total store count to 75 in in Singapore and six in China.
- We note Sheng Siong has added two new stores year-to-date.
- Sheng Siong is awaiting the tender results of another eight new stores. Notably, four of the eight pending tenders are located in areas previously operated by competitors, which is promising as supermarkets in previously occupied locations tend to ramp up faster.
Fair value estimate of S$1.88.
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2025-03-05
Previous report by OCBC:
2024-09-30 Sheng Siong Group - Robust New Store Supply Pipeline.
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 Dividend Payout Dates & Corporate Actions,
Sheng Siong News
