- Sheng Siong (SGX:OV8)’s 4Q25 revenue increased 11.0% y-o-y to S$389.8m, primarily driven by contributions from new stores. Selling and distribution expenses rose 12.4% y-o-y during the quarter, which we believe was largely due to increased staff costs.
In-line set of results.
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- A final dividend of 3.80 Singapore cents were declared, taking total Sheng Siong's dividends for FY25 to 7.0 Singapore cents (+9.4% y-o-y).
Sheng Siong opened 12 new stores in FY25.
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- In FY25, Sheng Siong opened 12 new stores in Singapore, bringing its total store count to 87 in Singapore and 6 in China.
- Looking ahead, one new store is expected to open in 3Q26 while two stores are slated for closure upon lease expiry. Sheng Siong is pending tender results for four Housing Development Board (HDB) stores and there are three stores currently open for bidding. Management also expects two additional HDB stores to open for tender in 2H26 and sees growing opportunities with private mall operators, expanding beyond HDB areas.
Valuations still look rich.
- Read more at SGinvestors.io.
