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2023-02-27
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4 Big Winners from Singapore’s Budget 2023
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Here are some businesses that will benefit.</blockquote><p>Singapore’s core inflation has proven a headache for many.</p><p>From just 0.9% in 2021, core inflation has jumped to 4.1% for 2022 as snarled supply chains and the Russia-Ukraine war wreak havoc on raw material prices.</p><p>Core inflation is expected to remain elevated this year at between 3.5% to 4.5%.</p><p>Luckily, the government has recognised this problem and rolled out Budget 2023 to help cushion the impact of inflation on the cost of living.</p><p>Finance Minister Lawrence Wong announced that an additional S$3 billion will be allocated to the Assurance Package (AP).</p><p>Some of this money will help to increase the cash payout for Singaporeans to between S$700 to S$2,250 over five years.</p><p>The permanent GST Voucher scheme will also be enhanced to offset the higher GST, with individuals receiving as much as S$700 depending on the annual values of their homes.</p><p>Elsewhere, the government will dole out another S$300 in CDC Vouchers in January 2024.</p><p>These increased payouts look set to benefit these four consumer-focused businesses.</p><h3><a href=\"https://laohu8.com/S/OV8.SI\">Sheng Siong Group Ltd</a></h3><p>Sheng Siong is one of the largest supermarket operators in Singapore with a total of 66 outlets located mostly in heartland areas.</p><p>The group also offers more than 1,500 products under its 23 house brands.</p><p>As a necessities-based retailer, Sheng Siong should see better business volumes as people make use of their payouts to shop in its stores.</p><p>For the first nine months of 2022 (9M 2022), the retailer reported a slight 1.9% year on year dip in revenue to S$1 billion.</p><p>However, gross profit inched up 1.3% year on year as margins improved, with net profit staying largely flat year on year at S$100.4 million.</p><p>Not only will the AP and GST Vouchers put more money in the hands of consumers, but the CDC Vouchers will also provide a boost for Sheng Siong come early next year.</p><p>The supermarket operator has just signed an agreement to open its fifth store in Kunming, China.</p><p>It is also planning to grow its network of stores in areas where it does not have a presence, in tandem with the government’s plan to ramp up the supply of HDB flats.</p><h3><a href=\"https://laohu8.com/S/5ML.SI\">Old Chang Kee Ltd</a></h3><p>If you’re hunting for great snacks, look no further than Old Chang Kee, or OCK.</p><p>The group specialises in the manufacture and sale of food products such as spring rolls and carrot cakes including its signature curry puff.</p><p>As of 30 September 2022, OCK operated a total of 80 outlets in Singapore.</p><p>The group could see better business as people have more disposable income to purchase snacks.</p><p>For its fiscal 2023’s first half (1H FY2023) ending 30 September 2022, revenue increased 13% year on year to S$43.7 million.</p><p>Net profit, however, fell by 22% year on year to S$2.6 million.</p><p>However, 1H FY2022 saw the doling out of S$2.7 million under the Jobs Support Scheme (JSS).</p><p>Excluding the JSS, OCK’s net profit would have more than tripled year on year to S$2.5 million from S$697,000.</p><h3><a href=\"https://laohu8.com/S/D01.SI\">DFI Retail Group Holdings Ltd</a></h3><p>DFI Retail is a pan-Asian retailer that operates more than 10,300 outlets under various brands such as Giant Hypermarket, Cold Storage supermarket, and 7-Eleven convenience stores.</p><p>The group has a presence in Singapore, Malaysia, Indonesia, and Hong Kong.</p><p>For its 3Q 2022 interim management statement, DFI Retail saw underlying profitability improve compared to the first half of 2022.</p><p>Of note, like-for-like sales increased in Hong Kong, Macau and Singapore with COVID restrictions removed.</p><p>South China should also see better footfall and sales as China has reopened its borders.</p><p>With the additional cash doled out by the government, DFI Retail should receive a boost at its hypermarkets, supermarkets, health and beauty stores and convenience stores divisions in Singapore as people open their wallets to spend more.</p><h3><a href=\"https://laohu8.com/S/1D0.SI\">Kimly Ltd</a></h3><p>Kimly is one of the largest traditional coffee shop operators in Singapore and operates and manages a network of 84 food outlets, 166 food stalls, and several restaurants, kiosks and cafes around Singapore.</p><p>The group also has a food retail division that sells a variety of local, Japanese, Western, and snack foods in various food courts and food and beverage outlets.</p><p>For 2022, Kimly reported a 33% year on year jump in revenue to S$317.7 million.</p><p>Net profit, however, tumbled 13.4% year on year to S$34 million because of lower government grants.</p><p>Despite this, Kimly declared a total dividend of S$0.0168 per share for last year.</p><p>The group should enjoy better business this year as all restrictions have been eased and more people use their government’s handouts to dine out.</p><p>Kimly is planning to expand its food outlet presence and also grow its food retail division further in 2023.</p></body></html>","source":"lsy1602567310727","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>4 Big Winners from Singapore’s Budget 2023</title>\n<style 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Here are some businesses that will benefit.Singapore’s core ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/4-big-winners-from-singapores-budget-2023/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://thesmartinvestor.com.sg/4-big-winners-from-singapores-budget-2023/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133942172","content_text":"The government is planning to dole out greater support measures to assist Singaporeans in coping with inflation and higher living costs. Here are some businesses that will benefit.Singapore’s core inflation has proven a headache for many.From just 0.9% in 2021, core inflation has jumped to 4.1% for 2022 as snarled supply chains and the Russia-Ukraine war wreak havoc on raw material prices.Core inflation is expected to remain elevated this year at between 3.5% to 4.5%.Luckily, the government has recognised this problem and rolled out Budget 2023 to help cushion the impact of inflation on the cost of living.Finance Minister Lawrence Wong announced that an additional S$3 billion will be allocated to the Assurance Package (AP).Some of this money will help to increase the cash payout for Singaporeans to between S$700 to S$2,250 over five years.The permanent GST Voucher scheme will also be enhanced to offset the higher GST, with individuals receiving as much as S$700 depending on the annual values of their homes.Elsewhere, the government will dole out another S$300 in CDC Vouchers in January 2024.These increased payouts look set to benefit these four consumer-focused businesses.Sheng Siong Group LtdSheng Siong is one of the largest supermarket operators in Singapore with a total of 66 outlets located mostly in heartland areas.The group also offers more than 1,500 products under its 23 house brands.As a necessities-based retailer, Sheng Siong should see better business volumes as people make use of their payouts to shop in its stores.For the first nine months of 2022 (9M 2022), the retailer reported a slight 1.9% year on year dip in revenue to S$1 billion.However, gross profit inched up 1.3% year on year as margins improved, with net profit staying largely flat year on year at S$100.4 million.Not only will the AP and GST Vouchers put more money in the hands of consumers, but the CDC Vouchers will also provide a boost for Sheng Siong come early next year.The supermarket operator has just signed an agreement to open its fifth store in Kunming, China.It is also planning to grow its network of stores in areas where it does not have a presence, in tandem with the government’s plan to ramp up the supply of HDB flats.Old Chang Kee LtdIf you’re hunting for great snacks, look no further than Old Chang Kee, or OCK.The group specialises in the manufacture and sale of food products such as spring rolls and carrot cakes including its signature curry puff.As of 30 September 2022, OCK operated a total of 80 outlets in Singapore.The group could see better business as people have more disposable income to purchase snacks.For its fiscal 2023’s first half (1H FY2023) ending 30 September 2022, revenue increased 13% year on year to S$43.7 million.Net profit, however, fell by 22% year on year to S$2.6 million.However, 1H FY2022 saw the doling out of S$2.7 million under the Jobs Support Scheme (JSS).Excluding the JSS, OCK’s net profit would have more than tripled year on year to S$2.5 million from S$697,000.DFI Retail Group Holdings LtdDFI Retail is a pan-Asian retailer that operates more than 10,300 outlets under various brands such as Giant Hypermarket, Cold Storage supermarket, and 7-Eleven convenience stores.The group has a presence in Singapore, Malaysia, Indonesia, and Hong Kong.For its 3Q 2022 interim management statement, DFI Retail saw underlying profitability improve compared to the first half of 2022.Of note, like-for-like sales increased in Hong Kong, Macau and Singapore with COVID restrictions removed.South China should also see better footfall and sales as China has reopened its borders.With the additional cash doled out by the government, DFI Retail should receive a boost at its hypermarkets, supermarkets, health and beauty stores and convenience stores divisions in Singapore as people open their wallets to spend more.Kimly LtdKimly is one of the largest traditional coffee shop operators in Singapore and operates and manages a network of 84 food outlets, 166 food stalls, and several restaurants, kiosks and cafes around Singapore.The group also has a food retail division that sells a variety of local, Japanese, Western, and snack foods in various food courts and food and beverage outlets.For 2022, Kimly reported a 33% year on year jump in revenue to S$317.7 million.Net profit, however, tumbled 13.4% year on year to S$34 million because of lower government grants.Despite this, Kimly declared a total dividend of S$0.0168 per share for last year.The group should enjoy better business this year as all restrictions have been eased and more people use their government’s handouts to dine out.Kimly is planning to expand its food outlet presence and also grow its food retail division further in 2023.","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9957497745,"gmtCreate":1677472127787,"gmtModify":1677473684663,"author":{"id":"4140522763748612","authorId":"4140522763748612","name":"Muz65","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4140522763748612","authorIdStr":"4140522763748612"},"themes":[],"htmlText":"Nice 👍","listText":"Nice 👍","text":"Nice 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957497745","repostId":"1133942172","repostType":2,"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
