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Author: kimeng   |   Latest post: Fri, 14 May 2021, 10:47 AM

 

Sheng Siong Group (SSG SP) - A stellar year

Author:   |    Publish date:


Recommendation :  BUY

Fair Value           :  SGD 1.79

Sheng Siong Group’s (SSG) FY20 performance was better than expected, with stronger sales and other income.  FY20 revenue rose 40.6% YoY to SGD1.4b, while PATMI was up 83.1% YoY to SGD138.7m, mainly attributable to elevated demand due to Covid-19.

Demand remained strong in 2H20, supported by workers working from home and consuming more home-cooked meals. A final dividend of 3.0 S cents per share was declared, taking total dividend for FY20 to 6.5 S cents per share (+83% YoY).

Looking ahead, we believe new stores growth will remain SSG’s key growth driver and strategy as Singapore recovers from Covid-19. As Singapore gradually recovers from Covid-19, we expect economic activities to pick up and this could mean a pick-up in dining out. After adjustments, our fair value decreases from SGD1.85 to SGD1.79.

Source: OCBC Research - 26 Feb 2021

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Labels: Sheng Siong

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Sheng Siong 1.55 0.00 (0.00%) 3,431,200 

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