Financials Sheng Siong Group Ltd OTC Markets

Equities

SHSGF

SG2D54973185

Food Retail & Distribution

Market Closed - OTC Markets Other stock markets			5-day change	1st Jan Change
- ^USD	-.--%		-.--%	-.--%

Apr. 30	Sheng Siong Group Ltd Appoints Lin ZiKai as Director, Customer and Operations, Effective from May 01, 2024	CI
Apr. 30	Sheng Siong Group Ltd Appoints Lin Yuansheng as Director, Warehouse and Logistics, Effective from May 01, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,864	2,330	2,195	2,481	2,406	2,240	-	-
Enterprise Value (EV) ¹	1,845	2,152	2,030	2,205	2,081	1,856	1,773	2,240
P/E ratio	24.6 x	16.8 x	16.5 x	18.6 x	18 x	15.9 x	15.6 x	15.5 x
Yield	2.86%	4.19%	4.25%	3.77%	3.91%	4.44%	4.55%	4.56%
Capitalization / Revenue	1.88 x	1.67 x	1.6 x	1.85 x	1.76 x	1.58 x	1.52 x	1.49 x
EV / Revenue	1.86 x	1.54 x	1.48 x	1.65 x	1.52 x	1.31 x	1.2 x	1.49 x
EV / EBITDA	16.7 x	11.5 x	11.1 x	12.1 x	12 x	10 x	9.38 x	12 x
EV / FCF	29 x	8.37 x	14.4 x	14 x	12.5 x	11.6 x	9.53 x	11.9 x
FCF Yield	3.45%	11.9%	6.95%	7.16%	8.02%	8.66%	10.5%	8.43%
Price to Book	5.95 x	8.28 x	5.31 x	5.48 x	4.87 x	4.16 x	3.86 x	3.59 x
Nbr of stocks (in thousands)	1,503,537	1,503,537	1,503,537	1,503,537	1,503,537	1,503,537	-	-
Reference price ²	1.240	1.550	1.460	1.650	1.600	1.490	1.490	1.490
Announcement Date	2/20/20	2/24/21	2/23/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	991.3	1,394	1,370	1,339	1,368	1,419	1,473	1,504
EBITDA ¹	110.6	186.8	182.7	181.7	173.3	185.2	189	186.3
EBIT ¹	92.58	166.1	162.2	162.2	155.4	162.1	166.4	167
Operating Margin	9.34%	11.92%	11.84%	12.11%	11.36%	11.42%	11.3%	11.1%
Earnings before Tax (EBT) ¹	91.91	165.1	161	163.1	163.1	169.5	174.7	176.4
Net income ¹	75.73	138.6	132.8	133.3	133.6	139.7	143.8	145.6
Net margin	7.64%	9.95%	9.7%	9.95%	9.77%	9.84%	9.76%	9.68%
EPS ²	0.0504	0.0922	0.0883	0.0887	0.0889	0.0938	0.0958	0.0963
Free Cash Flow ¹	63.71	257	141	158	166.9	160.7	186	188.8
FCF margin	6.43%	18.44%	10.29%	11.8%	12.2%	11.32%	12.63%	12.55%
FCF Conversion (EBITDA)	57.59%	137.58%	77.2%	86.95%	96.32%	86.75%	98.4%	101.32%
FCF Conversion (Net income)	84.13%	185.37%	106.16%	118.53%	124.89%	115.03%	129.33%	129.68%
Dividend per Share ²	0.0355	0.0650	0.0620	0.0622	0.0625	0.0662	0.0678	0.0680
Announcement Date	2/20/20	2/24/21	2/23/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2023 Q1
Net sales ¹	-	356.5
EBITDA	-	-
EBIT ¹	-	38.86
Operating Margin	-	10.9%
Earnings before Tax (EBT) ¹	-	40.56
Net income ¹	67.37	33.24
Net margin	-	9.32%
EPS ²	0.0448	2.210
Dividend per Share	-	-
Announcement Date	7/28/22	4/28/23

¹SGD in Million²SGD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	19.4	178	165	275	324	384	467	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	63.7	257	141	158	167	161	186	189
ROE (net income / shareholders' equity)	25.1%	41.4%	33.8%	30.8%	28.3%	27.1%	25.9%	24.6%
ROA (Net income/ Total Assets)	15.6%	22.6%	18.6%	17.5%	16.5%	16.3%	16.1%	15.5%
Assets ¹	484.5	612.4	715.5	762.1	807.7	858.4	894.6	942.3
Book Value Per Share ²	0.2100	0.1900	0.2800	0.3000	0.3300	0.3600	0.3900	0.4200
Cash Flow per Share ²	0.0800	0.1800	0.1100	0.1100	0.1200	0.1300	0.1400	-
Capex ¹	53.6	17.1	31.7	8.8	10.2	10.8	10.3	10.6
Capex / Sales	5.41%	1.23%	2.31%	0.66%	0.74%	0.76%	0.7%	0.7%
Announcement Date	2/20/20	2/24/21	2/23/22	2/27/23	2/27/24	-	-	-

¹SGD in Million²SGD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sheng Siong Group Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.49 SGD

Average target price

1.738 SGD

Spread / Average Target

+16.67%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

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