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%


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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a> surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore. </li>
<li>The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected. </li>
<li>Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ. </li>
</ul>



Sheng Siong (SSG SP) surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore. 
The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected. 
Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ. 


Sheng Siong (SSG SP): Surpassing Expectations Handsomely, But Fairly Valued. Money Off The Table?

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Citi downgrades OCBC to 'neutral' despite positive 2QFY2026 outlook.</li><li>Broker's Digest: Aztech, Raffles, YZJ, HPH, iFAST, SGX, Singtel.</li><li>DBS maintains Singtel's target price at $5.46 amid Optus stake sale discussions.</li></ul>

Citi downgrades OCBC to 'neutral' despite positive 2QFY2026 outlook.Broker's Digest: Aztech, Raffles, YZJ, HPH, iFAST, SGX, Singtel.DBS maintains Singtel's target price at $5.46 amid Optus stake sale discussions.

Singapore Market Roundup (31-Jul-2026): Citi downgrades OCBC to 'neutral' despite positive

<ul><li>JP Morgan remains 'underweight' on Seatrium despite improved profit forecasts.</li><li>UOBKH's Cheong downgrades Aztech to 'hold' due to weaker second half outlook.</li><li>Analysts stay positive on CSE Global after recent site visit.</li></ul>

JP Morgan remains 'underweight' on Seatrium despite improved profit forecasts.UOBKH's Cheong downgrades Aztech to 'hold' due to weaker second half outlook.Analysts stay positive on CSE Global after recent site visit.

Singapore Market Roundup (29-Jul-2026): JP Morgan stays 'underweight' on Seatrium amid profit

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)

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

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...

Corporate Monitor Limited

The Stocks to Own in ASEAN – Vol. 56

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain; nine stocks were...

A. Stotz Investment Research