Sheng Siong Group - DBS Research 2024-10-01: Building On A Strong Track Record Of Execution

• Upgrade Sheng Siong (SGX:OV8) to BUY from HOLD with a higher revised target price of S$1.80 (from S$1.62).

Leveraging on positive industry dynamics

• We retain our above-consensus earnings estimates for Sheng Siong and applied a higher 18x forward P/E (previous: 17x), +1 standard deviation of its average four-year forward P/E, on its FY25F earnings.
• - Read this at SGinvestors.io -

Why do we believe the timing is right for a re-rating?

• We believe Sheng Siong counter is due for a re-rating for three key reasons:
  1. - Read this at SGinvestors.io -
  2. excellent execution track record, and
  3. lower interest rate environment.

What’s our industry outlook for 2025?

• For 2025F, we expect the sector to grow by 3% (versus FY24F: +1.5%) on 2% higher volume and 1% pricing effect. Our optimism largely stems from
  1. easing outbound travel, and
  2. increased convenience with accelerated new store openings.

What about profitability of the sector?

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-03-02 Sheng Siong - Another Strong Year In 2026, But Growth Largely Priced In.

Previous report by DBS:
2025-12-05 Sheng Siong - SG60 Voucher Tailwind Priced In.

Price targets by 5 other brokers at Sheng Siong Target Prices.

Listing of research reports at Sheng Siong Analyst Reports.

Relevant links:
Sheng Siong Share Price History,
Sheng Siong Announcements,
Sheng Siong Dividend Payout Dates & Corporate Actions,
Sheng Siong News