07-03-2014, 11:59 AM
Sheng Siong Group
07-03-2014, 12:47 PM
(14-03-2013, 11:02 PM)a74henry Wrote: MV = $0.62. PE of 20x similar to that of other supermarkets. NAV $0.1039 (no buffet). Dividend yield 4% which is reasonable. Agree that it is not a value stock but it certainly operates in an attractive industry. In theory, there should be plenty of growth as the Singapore population increases, as per the the Government's plans. However, in practise, growth is stalling as Sheng Siong was unable to open a single new store in 2013 due to lack of locations at sufficiently attractive rents. Hence, they have now started to purchase outlets which will benefit growth but uses cash flow. Given that they are zero debt and that supermarkets are a negative working capital business, IMO they will be able to grow via investments but clearly there will be a limit. Hence, for now, I would expect this to be a slow growth, steady company with a reasonable dividend. Neither "value" nor "growth" stock .
07-03-2014, 02:37 PM
(07-03-2014, 11:44 AM)CityFarmer Wrote: ... By a simple survey, you will find people are visiting SS, even it means longer walking distance, and/or extra bus trip. It is undeniable that the SS show plays an important role on the "desire". Interestingly, i did this survey with my mum, aunt and grandma. They say they wont specially visit sheng shiong so i guess the ss outlet near my place is just average.
07-03-2014, 03:31 PM
(07-03-2014, 12:47 PM)GreedandFear Wrote:(14-03-2013, 11:02 PM)a74henry Wrote: MV = $0.62. PE of 20x similar to that of other supermarkets. NAV $0.1039 (no buffet). Dividend yield 4% which is reasonable. Base on terminology of Peter Lynch, the company falls under the category of fast grower to me.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
07-03-2014, 03:34 PM
(This post was last modified: 07-03-2014, 03:35 PM by CityFarmer.)
(07-03-2014, 02:37 PM)safetyfirst Wrote:(07-03-2014, 11:44 AM)CityFarmer Wrote: ... By a simple survey, you will find people are visiting SS, even it means longer walking distance, and/or extra bus trip. It is undeniable that the SS show plays an important role on the "desire". That is one interesting input. Where do your mum, aunt and grandma do the shopping? Wet market, NTUC or Cold Storage/Giants?
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
08-03-2014, 11:26 AM
U guys know if ntuc fair price numbers is open to public? Just wanna compare it against sheng shiong and dairy farm.
08-03-2014, 11:46 AM
08-03-2014, 12:49 PM
(This post was last modified: 08-03-2014, 12:50 PM by felixleong.)
(08-03-2014, 11:46 AM)maniac Wrote: http://www.fairprice.com.sg/webapp/wcs/s...orporate=Y Thanks for the info. Man NTUC is such an amazing company, wish they could go public listed like sheng siong and dairy farm. No wonder investors values this industry at such high PE multiples.
08-03-2014, 03:13 PM
(08-03-2014, 12:49 PM)felixleong Wrote: Man NTUC is such an amazing company, wish they could go public listed like sheng siong and dairy farm. Be careful of what you wish for. NTUC was set up with good intentions - a social service to the public and to keep cost of living down. In a way, they were given ample resources and advantages to grow into a major player to have the ability to compete and influence prices. Over the years they have changed (or strayed) somewhat - but you hope they do not lose their minds and IPO the company. We have plenty of examples in Singapore on how this market-based approach has worked... Public transport co (SMRT, SBS) Taxi companies Divestment of JTC industrial properties
08-03-2014, 04:36 PM
Yeah loh. If listed, it means their "cooperative spirit" with a dose of social enterprise element, may go missing. We may not be able to get cheap groceries anymore.
Winston Churchill:-
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” "The farther backward you can look, the farther forward you are likely to see." |
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