Sheng Siong 2H13 成绩单

Revenue 营收 
2Q13 +20.8%
1H13 +10.6%

营收贡献增加主要是来自FY2012开的新店。
一些旧店反而因为竞争和装修工程营业额下滑了一些。

Net profit 净利
2Q13 +8.7%
1H13 -20.4%

1H12的net profit多了一个one time gain 10mil$ (sale of old warehouse)。

EPS 每股盈利
2Q13 +19.6%
1H13 -20.8%

Gross Profit Margin 毛利率
2Q13 +1.3%
1H13 +1.4%

派中期股息(Interim dividend)  
1.2cent (大约88% of 1H13 EPS 1.37cent）
Ex-date 6 August 2013

股息比去年同期多了0.2cent

以我的平均买价来计算，加上上一次的1.75cent = 2.95cent，4.49%dividend yield (股息收益率) 。

Net cash 净现金

117.6m$

最喜欢SSG的这个...

大约51% IPO的筹到的钱还没有被利用。

可以很好的被利用来扩张!

On the future plans of the Group, Mr Lim Hock Chee, the Group’s Chief Executive Officer, said, “We will  stay prudent in this uncertain environment. Expanding  our network across Singapore and nurturing the growth of the new stores remains a priority for the Group. The key driver of our strategy will be to expand our retail presence in Singapore, particularly in areas where we do not have a presence and to nurture the growth of the new stores. To maintain or improve our gross profit margins amidst inflationary pressures, we will continue increasing direct and bulk purchasing and emphasising on the sale of fresh produce. At the same time, we will leverage on technology to improve our productivity and reduce business costs.

在1H13的results ppt里有提到：

E-commerce initiatives 
- Target to commence pilot project in 2H2013

对于SSG的e-commerce计划，成效还不能预测，但真希望早一点看到东西出来。



SGX

Maybank Kim Eng Hold, TP - 0.74

Ocbc Buy, TP - 0.80 (from 0.82)



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Sheng Siong Group - Store openings hit a hitch