- 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.
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- 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.
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- 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.
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