Sheng Siong Group

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Check this out!

Wonder what they are up to? Anyway, i bought 18 bottles with the help of my friends... [emoji4] [Image: 710f0dda829d61f3c346e818db558887.jpg]

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Check this out!

Wonder what they are up to? Anyway, i bought 18 bottles with the help of my friends... [emoji4] [Image: 710f0dda829d61f3c346e818db558887.jpg]

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Wow..... buy 2 at -$0.70.


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Wow..... buy 2 at -$0.70.


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Putting on the skeptic hat, do you need to spend minimum XXsgd to use that 5sgd voucher?
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Putting on the skeptic hat, do you need to spend minimum XXsgd to use that 5sgd voucher?
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nope, no minimum spending. it's literally FREE money.
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nope, no minimum spending. it's literally FREE money.
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I noticed that there has recently been a new chain of supermarket/provision shop, called Hao Mart, sprouting out. From their Facebook page, I counted 34 stores!

https://www.facebook.com/pg/haomartsg/ab...e_internal

I have been to a few, and as one would expect of small provision shops, their prices are not very competitive.

Still, the owner must have invested a lot of money to scale up to 34 stores for greater bargaining power when purchasing.
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I noticed that there has recently been a new chain of supermarket/provision shop, called Hao Mart, sprouting out. From their Facebook page, I counted 34 stores!

https://www.facebook.com/pg/haomartsg/ab...e_internal

I have been to a few, and as one would expect of small provision shops, their prices are not very competitive.

Still, the owner must have invested a lot of money to scale up to 34 stores for greater bargaining power when purchasing.
Reply
Hao Mart's boss is the CEO/majority shareholder of former listed company(taken private). Dont recall the exact name of the company but core business was aerospace parts. Was not doing too well in aerospace, minimarts are easier once there is scale. Just open aggressively everywhere and those that are not profitable, close them down, leave the healthy ones behind and you have a decent business that is sustainable. You need at least a decent 10-20M of course. As Big Toe would say, you need to be rich in order to become richer. there are just more opportunities open to those with the means.

Hao Mart is more like a 7-11/cheers, convenience store/minimart rather than a supermarket/hypermarket. Their prices are actually much more competitive than 7-11/cheers. Comparing them to supermarkets would not be an apple to apple comparison. NTUC/Sheng Shiong/Giant will have a much bigger advantage over hao mart in many respects. Purchasing power/distribution/overall gross margin/ability to secure larger sites/etc

In short, with 20M in hand, it would be very much easier to open many hao-marts rather than a few sheng shiongs. Hao mart have been trying to secure larger sites without overpaying but with no success.

Impressed by Toe's detailed insights into many industries? You should be. Smile
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Hao Mart's boss is the CEO/majority shareholder of former listed company(taken private). Dont recall the exact name of the company but core business was aerospace parts. Was not doing too well in aerospace, minimarts are easier once there is scale. Just open aggressively everywhere and those that are not profitable, close them down, leave the healthy ones behind and you have a decent business that is sustainable. You need at least a decent 10-20M of course. As Big Toe would say, you need to be rich in order to become richer. there are just more opportunities open to those with the means.

Hao Mart is more like a 7-11/cheers, convenience store/minimart rather than a supermarket/hypermarket. Their prices are actually much more competitive than 7-11/cheers. Comparing them to supermarkets would not be an apple to apple comparison. NTUC/Sheng Shiong/Giant will have a much bigger advantage over hao mart in many respects. Purchasing power/distribution/overall gross margin/ability to secure larger sites/etc

In short, with 20M in hand, it would be very much easier to open many hao-marts rather than a few sheng shiongs. Hao mart have been trying to secure larger sites without overpaying but with no success.

Impressed by Toe's detailed insights into many industries? You should be. Smile
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99,990,000 / 99,000,000 = 1.01

New Substantial Shareholder - Mondrian Ivnestment Partners Limited

Sheng Siong Group Ltd. announced that Mondrian Investment Partners Limited has acquired 99,000,000 ordinary shares in the Company, representing approximately 6.58% of the issued and paid-up share capital of the Company, from the Executive Directors, Mr. Lim Hock Eng, Mr. Lim Hock Chee and Mr. Lim Hock Leng (collectively, the "Lim brothers") for a consideration of S$99,990,000 via a married deal.

Mondrian Investment Partners, founded in 1990, is an independent global investment manager with offices in London and Philadelphia and a value-oriented, defensive investment approach.
Specuvestor: Asset - Business - Structure.
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99,990,000 / 99,000,000 = 1.01

New Substantial Shareholder - Mondrian Ivnestment Partners Limited

Sheng Siong Group Ltd. announced that Mondrian Investment Partners Limited has acquired 99,000,000 ordinary shares in the Company, representing approximately 6.58% of the issued and paid-up share capital of the Company, from the Executive Directors, Mr. Lim Hock Eng, Mr. Lim Hock Chee and Mr. Lim Hock Leng (collectively, the "Lim brothers") for a consideration of S$99,990,000 via a married deal.

Mondrian Investment Partners, founded in 1990, is an independent global investment manager with offices in London and Philadelphia and a value-oriented, defensive investment approach.
Specuvestor: Asset - Business - Structure.
Reply
Financial Results for the Quarter Ended 30 June 2018 ("2Q2018")

Highlights:
1. Net profit grew 6.4% yoy to S$17.1 million for the 3 months ended 30 June 2018 ("2Q2018")
2. Revenue increased 5.7% yoy to S$213.0 million in 2Q2018 mainly contributed by new stores and comparable same stores sales
3. Gross profit margin increased to 27.3 % in 2Q2018 from 26.8% in 2Q2017 mainly due to lower input cost
4. Cash generated from operating activities before working capital changes and payment of tax amounted to S$24.8 million and S$50.6 million in 2Q2018 and 1H2018 respectively
5. Free cash flow generated in 1H2018 was S$28.5 million, after paying for capital expenditures amounting to S$15.2 million
6. Committed to expand our retail network across Singapore, particularly in areas that do not have a presence
7. Declared interim dividend of 1.65 cent per share

More details in :
1. http://infopub.sgx.com/FileOpen/SSG_2Q_1...eID=518185
2. http://infopub.sgx.com/FileOpen/SSG_2Q_1...eID=518186
3. http://infopub.sgx.com/FileOpen/SSG_2Q_1...eID=518187
Specuvestor: Asset - Business - Structure.
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Financial Results for the Quarter Ended 30 June 2018 ("2Q2018")

Highlights:
1. Net profit grew 6.4% yoy to S$17.1 million for the 3 months ended 30 June 2018 ("2Q2018")
2. Revenue increased 5.7% yoy to S$213.0 million in 2Q2018 mainly contributed by new stores and comparable same stores sales
3. Gross profit margin increased to 27.3 % in 2Q2018 from 26.8% in 2Q2017 mainly due to lower input cost
4. Cash generated from operating activities before working capital changes and payment of tax amounted to S$24.8 million and S$50.6 million in 2Q2018 and 1H2018 respectively
5. Free cash flow generated in 1H2018 was S$28.5 million, after paying for capital expenditures amounting to S$15.2 million
6. Committed to expand our retail network across Singapore, particularly in areas that do not have a presence
7. Declared interim dividend of 1.65 cent per share

More details in :
1. http://infopub.sgx.com/FileOpen/SSG_2Q_1...eID=518185
2. http://infopub.sgx.com/FileOpen/SSG_2Q_1...eID=518186
3. http://infopub.sgx.com/FileOpen/SSG_2Q_1...eID=518187
Specuvestor: Asset - Business - Structure.
Reply
Singapore’s retail sales in Feb saw a 10.0% drop y-o-y, while the supermarket & hypermarket sub-index was dropped 13.3%. After adjusting for Chinese New Year effects, it is the first time the sub-index saw a y-o-y contraction and the second time since 2016 it had underperformed the main index during the Jan-Feb period.

https://www.theedgesingapore.com/shrinki...ll-maybank



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Singapore’s retail sales in Feb saw a 10.0% drop y-o-y, while the supermarket & hypermarket sub-index was dropped 13.3%. After adjusting for Chinese New Year effects, it is the first time the sub-index saw a y-o-y contraction and the second time since 2016 it had underperformed the main index during the Jan-Feb period.

https://www.theedgesingapore.com/shrinki...ll-maybank



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Some insights.

1. It is true that sales are slightly sluggish after the the CNY period.
2. Price war is hurting margins, with NTUC being the first pulling the trigger, with them having the largest economies of scale.
3. Q1 will probably be in line and depending on how the rest of Q2 pans out, results for super markets would be at best in-line or slightly soft for Q2.
4. It is also the case of more supermarkets serving the same number of people.(Population growth is muted)
5. Having said that, this sector will be still be one of the most resilient among all retail sales. E commerce has very minimal effect on supermarkets. I.e. It is still a huge challenge to earn anything for online grocers and delivering frozen/fresh food is extremely difficult. The most efficient/effective/profitable model is still your neighborhood supermarket.
6. Also the aggressive bidding for space have somewhat abated as new players are unable to to sustain operations with sky high rents. Established supermarkets are beneficiaries.
7. The moats around NTUC/Diary Farm Group/Sheng Shiong is very wide. In-fighting/price war is likely the only factor that will cause a large slip in profitability. Other factors will hardly cause a dent.
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Some insights.

1. It is true that sales are slightly sluggish after the the CNY period.
2. Price war is hurting margins, with NTUC being the first pulling the trigger, with them having the largest economies of scale.
3. Q1 will probably be in line and depending on how the rest of Q2 pans out, results for super markets would be at best in-line or slightly soft for Q2.
4. It is also the case of more supermarkets serving the same number of people.(Population growth is muted)
5. Having said that, this sector will be still be one of the most resilient among all retail sales. E commerce has very minimal effect on supermarkets. I.e. It is still a huge challenge to earn anything for online grocers and delivering frozen/fresh food is extremely difficult. The most efficient/effective/profitable model is still your neighborhood supermarket.
6. Also the aggressive bidding for space have somewhat abated as new players are unable to to sustain operations with sky high rents. Established supermarkets are beneficiaries.
7. The moats around NTUC/Diary Farm Group/Sheng Shiong is very wide. In-fighting/price war is likely the only factor that will cause a large slip in profitability. Other factors will hardly cause a dent.
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