PhillipCapital analyst Paul Chew has maintained his “accumulate” call with a higher target price of $1.74 from $1.66 previously after Sheng Siong’s 9MFY2024 revenue came within his expectations at 75% of his full-year estimates. Sheng Siong’s 9MFY2024 patmi exceeded Chew’s estimates at 79% of his full-year forecast. The analyst’s new target price is based on a historical P/E of 18 times.
Analysts are keeping their positive outlook for Sheng Siong after the supermarket group reported a net profit of $39.1 million for the 3QFY2024 ended Sept 30, 12.4% higher y-o-y. The group’s net profit for the 9MFY2024 increased by 8.7% y-o-y to $109.1 million.
Sheng Siong also reported revenue of $363.2 million for the 3QFY2024, 5% higher y-o-y and 9MFY2024 of $1.08 billion, 4.0% higher y-o-y.
