Sheng Siong Group Ltd: Reopening minus and inflation plus

  • 1Q22 revenue/PATMI was within expectations at 28%/31% of our forecast

  • The 28.7% gross margin in 1Q22 is the highest for a festive laden quarter where promotions are more prevalent.

  • Our BUY recommendation and target price of S$1.75 are unchanged.
April 29th, 2022
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