- We forecast Sheng Siong’s revenue and earnings to expand by a CAGR of 6% and 7% for FY25-28, underpinned by resilient macro conditions (see report: Sheng Siong Group: On The Right Side Of Singapore’s Growth Story), ongoing store additions, and potential market share gains as smaller competitors remain in retreat.
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Above-trend store additions could potentially sustain.
- We believe Sheng Siong is well positioned to secure a larger share of the nine HDB tenders currently pending or open for bidding (four awaiting results, three ongoing, two expected in 2H26), as competitors such as Cold Storage, Giant and Ang Mo appear in relative retreat.
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- Same-store sales are likely to remain stable. Helped by scale-linked gross margin expansion and slower staff cost growth, we expect Sheng Siong's FY26 earnings to rise 8% y-o-y.
Defensive and aligned with Singapore’s growth.
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