Sheng Siong - UOB Kay Hian 2026-03-03: Growing Footprint & Market Share

• Sheng Siong (SGX:OV8)’s 2025 revenue of S$1.57b (+9.9% y-o-y) and PATMI of S$149.5m (+8.7% y-o-y) came in at 99% of our forecasts. Earnings growth stemmed from continued store expansion and higher gross margin of 31.3% (+0.8ppt y-o-y) on a better sales mix.
• - Read this at SGinvestors.io -

Continued market share gains.

• 2025 revenue growth more than doubled that of 2024’s (4.5%), driven by 12 new store openings in 2025 and six comparable new stores opened in 2024. Same-store sales (SSS) rose 1.4% y-o-y, indicating resilient demand despite cautious consumer spending.
• Sheng Siong continued to outperform national retail sales benchmarks, highlighting sustained market share gains (see graph on next page).

Higher dividend backed by strong balance sheet.

• - Read this at SGinvestors.io -
• Sheng Siong ended 2025 with a robust net cash position of S$435.5m.

Record year for store openings.

• Read more at SGinvestors.io.

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/.

Previous report by UOB:
2025-11-03 Sheng Siong 3Q25 - Solid Margins & Store Growth; On Track For Another Record Year.

Price targets by 5 other brokers at Sheng Siong Target Prices.

Listing of research reports at Sheng Siong Analyst Reports.

Relevant links:
Sheng Siong Share Price History,
Sheng Siong Announcements,
Sheng Siong Dividend Payout Dates & Corporate Actions,
Sheng Siong News