Sheng Siong (SGX:OV8) reported 3Q25 revenue of S$415.5m (+14.4% y-o-y) and PATMI of S$43.7m (+12.0% y-o-y), bringing 9M25 revenue and PATMI to form 76% and 77% of our full-year forecasts respectively. This is in line with our expectations.
Top-line growth driven by new stores; record margin achieved.
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Same-store sales (SSS) growth also improved 4.4% y-o-y, while 3Q25 PATMI also grew 12.0% y-o-y.
Robust cash position supports expansion.
Sheng Siong maintained a strong cash position of S$393.6m as of end-3Q25 (+7.2% q-o-q), underpinned by healthy free cash flow generation of S$83.5m (+63.8% y-o-y). This provides ample financial flexibility to support its expansion plans, with nine new stores opened in 9M25 and another two slated for by 2026.
On track to set a new record for store openings.
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Sheng Siong expects to open two more stores in 4Q25, marking a record 11 new stores in 2025, surpassing its previous peak of 10 in 2018.
As of end-3Q25, the expanded network lifted total retail space by 2.7% y-o-y to 723,648sf across 84 outlets in Singapore. The company continues to focus its expansion in areas with limited presence, with additional growth visibility supported by three HDB store sites expected to be put up for tender in 2026 and further opportunities in the private retail market.
Sales in China down marginally by 0.1% y-o-y; remains loss-making.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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