Sheng Siong Group (SSG)

US Fed to keep rates steady, UOB sees 2020 cut, No Signboard shares slump on CAD probe

(May 6): The US central bank is keeping rates steady, with Federal Reserve chairman Jerome Powell saying he sees no immediate need to move interest rates either higher or lower, and that the Fed is watching for a rebound in persistently sluggish inflation.

On May 1, it kept the target range for the benchmark federal funds rate unchanged at 2.25% to 2.5%, which is where the rate has been since December. It made a “technical tweak” to one of its key rates to ensure borrowing costs remain where it wants them to stay.

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Mixed views on Sheng Siong Group's near-term outlook amid aggressive store expansion

SINGAPORE (April 30): Brokers are split on their opinions of Sheng Siong Group (SSG) post the release of the supermarket operator’s 1Q19 results, which saw earnings growth of 5.9% to $19.4 million for the quarter ended March due to higher revenue.

While DBS Vickers Securities maintains “buy” on the stock with $1.25 price target, CGS-CIMB Research has downgraded its call to “hold” from “add” with a reduced target price of $1.10 from $1.22 previously.

Sheng Siong posts 5.9% rise in 1Q earnings to $19.4 mil on higher sales

SINGAPORE (Apr 26): Sheng Siong Group saw its earnings grow 5.9% to $19.4 million for the 1Q19 ended March, from $18.3 million a year ago, on the back of higher revenue.

1Q19 revenue climbed 10.1% to $251.4 million, from $228.3 million a year ago.

The increase was mainly due to the opening of 10 new stores in FY18 – six of which were opened after 1Q18.

Shrinking shopping carts keep Sheng Siong at 'sell' for Maybank

SINGAPORE (Apr 16): Maybank Kim Eng continues to rate Sheng Siong “sell” with an unchanged target price of 95 cents.

Singapore’s retail sales in Feb saw a 10.0% drop y-o-y, while the supermarket & hypermarket sub-index was dropped 13.3%. After adjusting for Chinese New Year effects, it is the first time the sub-index saw a y-o-y contraction and the second time since 2016 it had underperformed the main index during the Jan-Feb period.

3 stocks to shop as local consumer sentiment remains benign: RHB

SINGAPORE (Apr 5): RHB Research is maintaining its sector “overweight” on consumer stocks although it cautions of benign consumer sentiment for 2019, with Singaporeans expected to spend more prudently amid an uncertain macroeconomic outlook.

In the research house’s view, consumer confidence peaked early last year due to improved wealth effect and strong GDP growth towards end-2017; it believes GDP growth will moderate this year while the property market decelerates.

Sheng Siong kept at 'sell' as competitor ignites potential price war

SINGAPORE (Mar 28): Maybank Kim Eng Research its “sell” call on supermarket chain Sheng Siong Group (SSG) with an unchanged target price of 95 cents, after NTUC FairPrice said last week it would hold the prices of 100 housebrand products for 15 months up to end-June next year.

Around half of these 100 products already had their prices slashed before the announcement.

Sheng Siong kept at 'buy' for defensive stance in supermarket space

SINGAPORE (Feb 27): Sheng Siong is a “buy” for most research houses.

Sheng Siong on Monday announced that its FY18 earnings increased by 1.4% y-o-y to $70.8 million, on the back of a 7.4% increase in FY18 revenue to $890.0 million

For 4Q18, earnings increased by 4.2% to $27.5 million, while revenue saw a 10.7% increase to $221.8 million, due largely to contributions from new stores.

3 top consumer picks revealed as RHB expects sector to outperform ST Index in 2019

SINGAPORE (Jan 4): RHB Research is maintaining its “overweight” rating on the Singapore consumer sector, against the backdrop of a global economic slowdown and uncertainty arising from trade tension between the US and China.

“We believe the consumer sector will outperform the [Straits Times Index], given its more defensive nature,” says analyst Juliana Cai in a Friday report.

According to a Nielsen survey released mid-Dec 2018, consumer confidence improved to a high of 98 points in 3Q18. However, it remains in the pessimistic zone, below the baseline of 100 points.

Analysts remain positive on Sheng Siong despite drop in 3Q earnings

SINGAPORE (Nov 1): Sheng Siong recently announced that its 3Q18 earnings have dropped by 9.4% to $17.8 million, compared to $19.7 million in 3Q17.

This was mainly due to the absence of $2.2 million worth of tax refund a year ago. Excluding this, the group’s net profit would have increased by 1.5% in 3Q18.

Revenue during the quarter came in at $227.9 million, 8.9% higher than $210.9 million last year.

See: Sheng Siong posts 9.4% fall in 3Q earnings to $17.8 mil

Sheng Siong posts 9.4% fall in 3Q earnings to $17.8 mil

SINGAPORE (Oct 30): Sheng Siong Group reported a 9.4% drop in earnings to $17.8 million for the 3Q18 ended September, from $19.7 million a year ago.

This was mainly due to the absence of a tax refund amounting to $2.2 million a year ago. Excluding this, Sheng Siong’s net profit would have increased by 1.5% in 3Q18.

3Q18 revenue rose 8.0% to $227.9 million, from $210.9 million a year ago, mainly due to the opening of 10 new stores since 2017.

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