Shares & Derivatives
Sheng Siong Group – Moving towards new normal
By SmallCapAsia  •  May 10, 2022
Excerpts from OCBC Investment Research report Sheng Siong Group (SGX: OV8)
  • Sheng Siong Group new store sales were the key revenue driver
  • The company expects to open 2 new stores in 2Q22
  • Gross profit margin rose to 28.7%
  • Potential catalysts • Higher than expected gross profit margins • More than expected new store openings
Sheng Siong Group Results Highlights Sheng Siong Group 1Q22 revenue rose 6.0% year-over-year (YoY) to SGD358.0m while PATMI grew 15.0% YoY to SGD35.1m. Gross profit margin increased by 1.0 percentage points (ppt) YoY to 28.7% in 1Q22, largely due to improved sales mix. PATMI grew 15.0% YoY to SGD35.1m, broadly in-line with expectations. As of 31 Mar 2022, Sheng Siong has 64 stores in Singapore and four stores in China. No new store was open in 1Q22 but Sheng Siong Group is on track to open two new stores in 2Q22. As Singapore transits to new normal life with Covid-19, we believe 2022 will be a year of normalization for Sheng Siong Group....
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