Sheng Siong Group - OCBC Investment 2015-10-23: Earnings continue to grow
SHENG SIONG GROUP LTD OV8.SI Sheng Siong Group: Earnings continue to grow
- Sheng Siong Group's (SSG) 3Q15 results met our expectations, as revenue grew 7.3% YoY to ~S$200m, making up 25.9% of our FY15 forecast.
- Net profit also increased 18.7% to S$14.5m, constituting 26.8% of FY15F.
- The group's new stores contributed 6.2% to its revenue growth, while 1.1% came from old stores.
- SSG managed to keep its gross profit margin steady at 24.3% vs. 24.2% in 3Q14, while on a quarterly basis, this was lower than the 25.2% seen in 2Q15 due to seasonality effect, slightly lower selling prices and higher input prices.
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