Sheng Siong - DBS Research 2025-06-10: Margin Leader In A Macro Storm

• Post-acquisition of Giant Malaysia from DFI Retail, Macrovalue announced that it will be acquiring DFI’s Food business in Singapore (Cold Storage and Giant stores) for S$125mil. With DFI’s exit, Sheng Siong remains the sole listed proxy for investors seeking exposure to Singapore’s resilient and stable supermarket sector.

Why did Macrovalue decide to buy DFI’s SG Food business?

Decision to acquire likely a function of valuation.

• - Read this at SGinvestors.io -

IPO target by 2028 underscores focus on profitability over price wars.

• - Read this at SGinvestors.io -
• In our view, a meaningful turnaround in earnings will be critical to generating investor interest and securing a successful IPO.

Are supermarket margins in Singapore under threat?

Singapore’s industry remains resilient, supported by urban planning and voucher support schemes.

• 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/.

Previous report by DBS:
2025-05-02 Sheng Siong - 2025 A Year Of Record Store Openings?.

Price targets by 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