Sheng Siong remains well-positioned amid a favourable macro backdrop—driven by Singapore’s multi-year construction boom, a growing foreign workforce, and government support measures (SG60 & CDC vouchers) that continue to fuel resilient consumption.
A supportive growth environment.
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With 10 new stores added year-to-date, exceeding its target of 8, Sheng Siong is outpacing peers as competitors like Giant and Cold Storage scale back.
The new distribution centre enhances operational efficiency and sets the stage for multi-year growth, though it may dilute FY27–28 NPAT by ~5% on higher D&A, excluding potential upside from improved scale and productivity.
Multiple drivers to sustain above-trend growth.
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Government support (SG60 vouchers valid through 2026, additional CDC vouchers in 1Q26) continues to bolster household spending. Elevated HDB supply signals more store expansion opportunities.
In China, expansion opportunities persist, with Kunming/Yunnan (where Sheng Siong is present) seeing mid-single-digit growth in both wages and supermarket sales.
Sheng Siong on front-foot while key competitor is in retreat.
Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
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