- 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.
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