Sheng Siong Group - CIMB Research 2015-10-22: Bumper year for new stores

SHENG SIONG GROUP LTD OV8.SI 

Sheng Siong Group - Bumper year for new stores 

• 3Q15’s healthy sales growth of 7.3% yoy was mostly driven by new stores (+6.2%), with same-store sales (+1.1%) still reflecting sluggish retail spending. 
• 3Q15 earnings (+18.7% yoy) beat our expectations by 7%, mostly coming from government grants (for productivity improvement programmes) and other income. 
• We maintain our forecasts and target price pending tomorrow’s analyst briefing. 

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