- We reiterate BUY on Sheng Siong (SGX:OV8) as one of the clearest defensive growth stories in Singapore consumer. Its staples-led model, value positioning and strong cost pass-through provide resilience in a volatile macro backdrop, while store expansion continues to drive above-trend growth.
1Q26: strong start, margins held up well
- - Read this at SGinvestors.io -
- Same-store sales were strong at 3.5% y-o-y, supported by festive demand, prior store openings in 1Q25 (which are now included as part of same store count but still seeing a ramp-up in growth) & volume growth.
- - Read this at SGinvestors.io -
Store runway still underestimated
- Sheng Siong has already secured four stores, with four HDB tenders still in process.
- Beyond HDB, management is also seeing more private real-estate opportunities which could open incremental non-HDB expansion avenues.
- Smaller competitors also appear under pressure: Hao Mart has shut multiple outlets and faces lawsuits, while Hao Mart and Ang Mo both deregistered from the plastic-bag charging scheme after turnover fell below S$100m. This could create more white-space opportunities for Sheng Siong, in our view. We factor in 5-6 new store opening pa over 2026-28.
Defensive growth with target price raised to S$3.22
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Hussaini Saifee Maybank Research | https://www.maybanktrade.com.sg/ 2026-05-04
Previous report by Maybank:
2026-03-02 Sheng Siong - Above-trend Growth To Sustain Over Medium Term.
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
