Sheng Siong - DBS Research 2025-05-02: 2025 A Year Of Record Store Openings?

• Sheng Siong (SGX:OV8) reported revenue of S$403mil (+7% y-o-y) and earnings of S$36mil (+6% y-o-y) in 1Q25, both in line with expectations, forming 26% of our FY25F estimates.
• - Read this at SGinvestors.io -

Revenue growth led by new store openings.

• New stores contributed +6% y-o-y to revenue growth, while China added +0.7% y-o-y, likely due to the additional store. Same-store sales were broadly flat y-o-y, mainly due to seasonal shifts – an earlier Chinese New Year and partial offset from an earlier Hari Raya.

Six new stores secured, adding to FY25 new store pipeline.

• Sheng Siong secured four out of five HDB tenders it bid for, along with two private sites at KINEX and Cathay. These stores are expected to open progressively by early 3Q25, bringing FY25 confirmed store openings to eight.
• - Read this at SGinvestors.io -

Analyst briefing & non-deal roadshow takeaways

• We attended the analyst briefing and held a non-deal roadshow for Sheng Siong. Our key takeaways are summarised below:

Financial performance

• 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.

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