Sheng Siong

Sheng Siong:
- Net profit +8.2%, in line, boosted by fatter margins
- Revenue +1.2%, as new stores contribution were offset by weak same store sales, and closure of Loyang store.
- Boosted by gross margins (+1.6ppt to 25.9%), which was driven by higher rebates.
- Management cautious on ability to fully pass on cost increases to customers, amid tough environment
- Market Insight is locking in profit and exiting the retailer from its Yield portfolio with 24% gains since entry