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. quite confirm correction is over.... heading to 71 cents (previous peak).
DBSV upgrades to Buy from Hold and Lifts TP to $0.76. Upgrade stems mainly from a more positive outlook on margins and earnings as well as the recent share price weakness. SSG outperformed house capex expectation in 1Q13. House now sees SSG achieving further economies of scale in terms of higher revenue per additional headcount, which will in turn drive higher margins.
.SS correction seems over.
Aiming it sweet at 0.61 where its at my radar.
john_ric ( Date: 14-May-2013 11:33) Posted:
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. kim eng analysis not accurate. like weather forecast.
.WHAT happen to SS ?? drop so much past few days??
Small but nimble. Since the beginning of the year, Sheng Siong has done well. Its stock has outperformed the market by 36%, and despite rising competition and domestic labour constraints, core profits have jumped 30+%, driven by aggressive store expansion. We view Sheng Siong as a prime beneficiary of strong domestic consumption and a rerating amongst ASEAN supermarket plays. We raise our earnings forecasts by 6-8% for FY13-15F on a higher margin assumption. Maintain BUY with a TP of SGD0.80 (raised from SGD0.70), still based on 27x current year earnings.
Stepping up to meet competition. Competition has stepped up a notch this year. For instance, Dairy Farm’s Giant outlets (now rebranded from Shop N Save), selected NTUC's Fairprice and Cold Storage outlets are now open 24/7. Sheng Siong has kept pace with the market. To complement its aggressive store expansion last year, when it opened 8 stores (GFA +14.9% from +3.6% in 2011), Sheng Siong has also converted two of its normal outlets to 24/7 outlets.
A Giant discount this month. To mark the rebranding exercise, Giant is offering 10% off on all house brand items in April. Discounting is normal behaviour for supermarkets, and Giant’s move does not seem overly aggressive. Hence, we do not expect a significant impact on Sheng Siong’s earnings in 2Q13. In 1Q13, the three supermarket operators had already run the usual promotions to coincide with the festive season and Sheng Siong was still able to grow 1Q13 revenue by 12% and core net profit by 31%.
Efficiency levels surprised on the upside. 1Q13 gross margin was a higher-than-expected 22.5%, up from 1Q12’s 20.8%. 1Q margins are normally under pressure due to seasonally aggressive promotions during the Chinese New Year festival, when input costs would rise and selling prices are pressured by industry discounting. We understand from management that Sheng Siong was able to execute more effective cost management. As this will be sustainable, we have raised our margin assumptions for the full year to 22.5%, and raised our FY13-15 forecasts by 6-8%.
Same store sales flat but not a concern. Same store sales (SSG) fell 2.3% YoY to SGD448.5 sales per sq ft, following the closure of the Teban outlet in March for renovation while a car park near its Bedok Central outlet was also closed for construction works. These two outlets account for almost 10% of GFA. Excluding the two stores, SSG was flat in 1Q13. We are sanguine on this. The Teban outlet has reopened, and while construction work in Bedok will continue for the next two years, we expect its 8 new stores to drive sales higher.
Source: Maybank Kim Eng Research - 30 Apr 2013
Stepping up to meet competition. Competition has stepped up a notch this year. For instance, Dairy Farm’s Giant outlets (now rebranded from Shop N Save), selected NTUC's Fairprice and Cold Storage outlets are now open 24/7. Sheng Siong has kept pace with the market. To complement its aggressive store expansion last year, when it opened 8 stores (GFA +14.9% from +3.6% in 2011), Sheng Siong has also converted two of its normal outlets to 24/7 outlets.
A Giant discount this month. To mark the rebranding exercise, Giant is offering 10% off on all house brand items in April. Discounting is normal behaviour for supermarkets, and Giant’s move does not seem overly aggressive. Hence, we do not expect a significant impact on Sheng Siong’s earnings in 2Q13. In 1Q13, the three supermarket operators had already run the usual promotions to coincide with the festive season and Sheng Siong was still able to grow 1Q13 revenue by 12% and core net profit by 31%.
Efficiency levels surprised on the upside. 1Q13 gross margin was a higher-than-expected 22.5%, up from 1Q12’s 20.8%. 1Q margins are normally under pressure due to seasonally aggressive promotions during the Chinese New Year festival, when input costs would rise and selling prices are pressured by industry discounting. We understand from management that Sheng Siong was able to execute more effective cost management. As this will be sustainable, we have raised our margin assumptions for the full year to 22.5%, and raised our FY13-15 forecasts by 6-8%.
Same store sales flat but not a concern. Same store sales (SSG) fell 2.3% YoY to SGD448.5 sales per sq ft, following the closure of the Teban outlet in March for renovation while a car park near its Bedok Central outlet was also closed for construction works. These two outlets account for almost 10% of GFA. Excluding the two stores, SSG was flat in 1Q13. We are sanguine on this. The Teban outlet has reopened, and while construction work in Bedok will continue for the next two years, we expect its 8 new stores to drive sales higher.
Source: Maybank Kim Eng Research - 30 Apr 2013
Sheng Siong is currently facing resistance and also over value base on PE ratio.
http://mystocksinvesting.com/singapore-stocks/sheng-siong/sheng-siong-facing-resistance/
That woman who sell crocodile meat at Teck Whye Seng Song is very rude.
. sh siong target price 0.75.
next 2 years will have good div. ( 90% dividend payout fixed for the next two years.)
so i vested.
going in again.. pending for a good price. b
will hold long, target 1 year.
problem is the pe now is kinda high. so will monitor it now.
what do you think on this?
SG Daily: Sheng Siong Group
Singapore Daily Sheng Siong Group: Potential Ace Up Its Sleeve Maintain Buy, TP $0.70 Sheng Siong will launch its e-commerce platform in 1H13. Despite being a latecomer to online retailing, we believe this move is a step in the right direction as shopping on the Internet will inevitably erode traditional grocery shopping in the future. Sheng Siong has set aside SGD20m of IPO proceeds for development and expansion of grocery retailing in Singapore. In the initial stage, Sheng Siong plans to ease its E-commerce model into its Pick to Light inventory system currently in use at Mandai warehouse.. While we expect the online channel will take at least a couple of quarters to gain momentum, Sheng Siong remains a BUY with a TP of SGD0.70, coupled with a 90% dividend payout fixed for the next two years.
Singapore Daily Sheng Siong Group: Potential Ace Up Its Sleeve Maintain Buy, TP $0.70 Sheng Siong will launch its e-commerce platform in 1H13. Despite being a latecomer to online retailing, we believe this move is a step in the right direction as shopping on the Internet will inevitably erode traditional grocery shopping in the future. Sheng Siong has set aside SGD20m of IPO proceeds for development and expansion of grocery retailing in Singapore. In the initial stage, Sheng Siong plans to ease its E-commerce model into its Pick to Light inventory system currently in use at Mandai warehouse.. While we expect the online channel will take at least a couple of quarters to gain momentum, Sheng Siong remains a BUY with a TP of SGD0.70, coupled with a 90% dividend payout fixed for the next two years.
result already out on thu.. but US up ... should be able to further push...
i bought 0.62 opening.... sold 0.635... earn some kopi money.. Ok la
guoyanyunyan ( Date: 22-Feb-2013 21:19) Posted:
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Sheng Siong Group: Time to go defensive
- revenue increasing 10.2% YoY To S$637.3m
- improvement in core operating profit margin by 0.3 ppt to 6.2%.
- core PATMI rose 14.8% YoY to S$31.3m.
- declared a final dividend of 1.75 S cents (versus 1.77 S cents in FY11)
- committed to extend its 90% PAT payout policy for another two years.
raise our fair value to S$0.69 from S$0.58 previously. Upgrade to BUY.
not yet -.-
vw2796 ( Date: 22-Feb-2013 10:41) Posted:
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already factored in price.
guoyanyunyan ( Date: 21-Feb-2013 21:41) Posted:
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Good result.Tmor cheong arhhhh..
Sheng Siong's net profit for the fiscal fourth quarter more than doubled to S$7.99 million, on a 15.9 per cent increase in turnover.
The local supermarket chain said on Thursday that its full-year profit rose 52.9 per cent year on year to S$41.68 million, while turnover increased 10.2 per cent to S$637.32 million.
The group recorded a one-off gain of S$10.5 million from the disposal of its Marsiling warehouse.
Earnings per share for the full year were 3.01 Singapore cents, up from 2.21 Singapore cents a year ago
should i continue to hold? isnt looking good to me.