Sheng Siong

[behappyalways]

Sheng Siong posts 7.4% higher 2Q earnings of $18.4 mil; declares interim dividend of 1.75 cents per share
https://www.theedgesingapore.com/capita ... ents-share

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Sheng Siong reports 15.9% rise in 3Q earnings to $20.5 mil on new store openings
https://www.theedgesingapore.com/capita ... e-openings

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Sheng Siong posts 7% rise in FY19 earnings to $75.7 mil despite 4Q dip
https://www.theedgesingapore.com/capita ... ite-4q-dip

[winston]

not vested

Sheng Siong Group: Strong sales boosted by higher demand

Sheng Siong Group (SSG)’s 1Q20 result was above our estimates due to stronger-than-expected sales.

1Q20 revenue grew 30.7% YoY to S$328.7m, while PATMI rose 30% YoY to S$28.7m, mainly due to higher Chinese New Year sales and elevated demand amid COVID-19.

Management noted that there was no major disruption in supply chain in 1Q, thanks to its diversified sourcing and its move to stock up inventories since the end of 4Q19.

Management has been working closely with impacted countries and sourcing for alternative suppliers when necessary.

On 7 Apr 2020, Singapore entered the Circuit Breaker period to combat the spread of COVID-19. SSG is likely to see the full impact of elevated demand in its 2Q results.

While demand could potentially taper off in 2H, after the Circuit Breaker is lifted, we believe a protracted COVID-19 would continue to support grocery demand.

We adjusted our FY20/FY21 earnings by +17%/11%, and our fair value estimate increases from S$1.45 to S$1.64. Maintain BUY.

Source: OCBC

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Panic buying causes Sheng Siong's 2Q earnings to hit record high of $46.1 mil; declares 3.5 cents dividend
https://www.theedgesingapore.com/capita ... eclares-35

[winston]

not vested

Sheng Siong (SSG SP, BUY, TP: SGD1.87)

An Exceptional 2Q20; Maintain BUY
Results Review

Maintain BUY, new SGD1.87 TP from SGD1.72, 10% upside with 3% FY20F yield.

Sheng Siong delivered outstanding 2Q20 results.

PATMI surged 1.5x to SGD46m.

We note that the exceptional earnings were the result of Singapore’s implementation of the “circuit breaker” in Apr-May 2020.

We also expect sales growth to taper down, as Singapore moved into the second phase of reopening the economy.

Nonetheless, the stock is likely to remain a favourite amongst investors, due to its resilient earnings and strong cash flow.

Source: RHB

https://research.rhbtradesmart.com/atta ... ee30aa.pdf

[winston]

not vested

Sheng Siong Group (SSG SP) - A strong quarter; declares higher DPS

Sheng Siong Group’s (SSG) 2Q20 result was above our estimates due to stronger-than-expected sales.

2Q20 revenue rose 75.8% YoY to S$418.7m, while PATMI surged 150.4% YoY to S$46.1m, mainly attributable to elevated demand during the Circuit Breaker period as consumers loaded up on its products and goods.

An interim dividend of 3.5 S cents per share was declared, as compared to 1.75 S cents per share in 2Q19.

SSG opened 2 new stores in 1H 2020 and is expected to open 3 new stores in 2H 2020 in Singapore.

With these additional stores, SSG’s total store count will increase to 66 (64 in Singapore and 2 in China).

Looking ahead, we believe new stores growth will remain SSG’s key growth driver and strategy.

We expect demand to taper off in 2H from the strong sales level in 2Q 2020, but demand should still remain healthy.

We adjusted our FY20/FY21 earnings by +32%/13%, and our fair value increases from S$1.64 to S$1.85.

With the sharp outperformance since March, and on valuation grounds, we are downgrading from Buy to HOLD.

Source: OCBC

[behappyalways]

Sheng Siong reports 54.4% surge in 3Q earnings to $31.8 mil on elevated demand arising from Covid-19
https://www.theedgesingapore.com/capita ... g-covid-19

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Sheng Siong staff can get annual bonuses of up to more than 15.5 months for 2020, document shared online shows
https://mothership.sg/2021/01/sheng-sio ... onus-2020/

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How Singapore supermarket chain Sheng Siong’s local focus during coronavirus pandemic lifted its fortunes
https://www.scmp.com/week-asia/economic ... cus-during