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Equity Bottom-Up

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  <li>
<a href="https://smartkarma.com/entities/sheng-siong-group-ltd">Sheng Siong</a> is a core holding in the Singapore consumer sector, demonstrating resilient growth through consistent store network expansion and effective cost management.</li>
  <li>The company achieved record revenue and net profit in FY25, driven by new store openings and an all-time high gross margin, showcasing strong operational execution.</li>
  <li>While the company exhibits strong fundamentals and a robust balance sheet, its premium valuation and relatively low dividend yield may limit near-term upside for investors.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Sheng Siong is a core holding in the Singapore consumer sector, demonstrating resilient growth through consistent store network expansion and effective cost management.
  The company achieved record revenue and net profit in FY25, driven by new store openings and an all-time high gross margin, showcasing strong operational execution.
  While the company exhibits strong fundamentals and a robust balance sheet, its premium valuation and relatively low dividend yield may limit near-term upside for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Singapore's economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs.</li><li>April net institutional inflows favored Industrials, Technology, and Utilities, with notable inflows into semiconductor manufacturing and testing sectors.</li><li>Sembcorp Industries led April inflows, with significant energy platform capacity; Oiltek saw record share price gains and improved liquidity.</li></ul>

Singapore's economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs.April net institutional inflows favored Industrials, Technology, and Utilities, with notable inflows into semiconductor manufacturing and testing sectors.Sembcorp Industries led April inflows, with significant energy platform capacity; Oiltek saw record share price gains and improved liquidity.

Singapore Growth Conditions and Recent Institutional Positioning

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>Sheng Siong Group delivered a strong beat in both Q4 FY2025/FY25, with revenue surging 10% YoY in FY25 to S$1507M and full-year NPAT attributable to owners reaching S$149.5M (+8.7% YoY).</li>
<li>The aggressive Singapore expansion of 12 new stores in FY2025 (total 93 stores) drove top-line growth. The management normally targets 3-5 stores per year. </li>
<li>The proposed final dividend of 3.80 cents per share (vs. 3.20 cents in FY24) represents an 18.75% step-up, signaling management confidence (though we are disappointed that the cash pile continues). </li>
</ul>


Sheng Siong Group delivered a strong beat in both Q4 FY2025/FY25, with revenue surging 10% YoY in FY25 to S$1507M and full-year NPAT attributable to owners reaching S$149.5M (+8.7% YoY).
The aggressive Singapore expansion of 12 new stores in FY2025 (total 93 stores) drove top-line growth. The management normally targets 3-5 stores per year. 
The proposed final dividend of 3.80 cents per share (vs. 3.20 cents in FY24) represents an 18.75% step-up, signaling management confidence (though we are disappointed that the cash pile continues). 


Sheng Siong (SSG SP): Annual Report Gleanings, Not Appealing Here Despite The Stellar Performance

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul>
<li>Sheng Siong released a strong set of results for 2025.</li>
<li>Growth picked up, as revenue rose 9.9% year on year to S$1.57 billion and net profit improved by 8.7% year on year to S$149.5 million.</li>
<li>Gross margin continued its upward ascent, hitting a new record high of 31.3% in 2025, up from 30.5% a year ago. </li>
</ul>


Sheng Siong released a strong set of results for 2025.
Growth picked up, as revenue rose 9.9% year on year to S$1.57 billion and net profit improved by 8.7% year on year to S$149.5 million.
Gross margin continued its upward ascent, hitting a new record high of 31.3% in 2025, up from 30.5% a year ago. 


Sheng Siong Group Ltd Cash: Too Much of It Can Be Bad

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 333% versus MSCI ASEAN’s 83%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 333% versus MSCI ASEAN’s 83%


Singapore

Sheng Siong Group Ltd. operates a chain of supermarket retail stores, offering a wide assortment of live, fresh, and chilled produce, pantry staples, packaged foods, and household merchandise. The company also engages in general trading, wholesale import and export, and operates an online grocery platform. Sheng Siong was founded in 1985 and is headquartered in Singapore.

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Sheng Siong (SSG SP)

Primer: Sheng Siong (SSG SP) - Apr 2026

Sheng Siong is a core holding in the Singapore consumer sector, demonstrating resilient growth through consistent store network expansion and...

αSK Primers

Singapore Growth Conditions and Recent Institutional Positioning

Singapore's economy grew 4.6% YoY in 1Q26, with businesses focusing on margin protection and inventory management amid rising costs. April net...

Singapore Exchange Ltd (SGX)