Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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> benefited from the SG60 cash handouts and expanded CDC (spending voucher) disbursement. </li>
<li>As growth plateaus and there are better stocks out there to offer yield and return, investors are likely to rotate out; hence, the 28x PER will normalize to 18-20x. </li>
<li>Investors could either do a short Sheng Shiong or sell their existing holdings to book profit. Another way is to pair this with <a href="https://www.smartkarma.com/entities/kimly-ltd" target="_blank" data-smartkarma-citation="entities:28157:1" rel="noopener">Kimly (KMLY SP)</a>with 2% positive yield. </li>
</ul>



Sheng Siong (SSG SP) benefited from the SG60 cash handouts and expanded CDC (spending voucher) disbursement. 
As growth plateaus and there are better stocks out there to offer yield and return, investors are likely to rotate out; hence, the 28x PER will normalize to 18-20x. 
Investors could either do a short Sheng Shiong or sell their existing holdings to book profit. Another way is to pair this with Kimly (KMLY SP)with 2% positive yield. 


Sheng Shiong (SSG) Vs. Kimly: Convergence

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>CGSI has a positive outlook on Sembcorp.                                        </li>
<li>Maybank downgrades Sheng Siong to 'hold' with reduced target price.</li>
<li>DBS keeps 'buy' rating on Singtel amid Airtel's postpaid price hike.</li>
</ul>


CGSI has a positive outlook on Sembcorp.                                        
Maybank downgrades Sheng Siong to 'hold' with reduced target price.
DBS keeps 'buy' rating on Singtel amid Airtel's postpaid price hike.


Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.

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>2Q FY2026 revenue of S$402.6m (+11.3% YoY) and net profit of S$37.6m (+10.2%); 1H revenue S$855.4m (+11.9%) on 16 new stores and +3.3% SSSG.</li>
<li>Gross margin hit a record 32.8% in 2Q; network reached 97 stores; interim DPS raised 17.2% to 3.75 cents despite the S$520m Sungei Kadut build.</li>
<li>At S$3.35, SSG trades at 30.3x FY2026e P/E and 23.0x EV/EBITDA; the premium reflects 27.1% ROE and net cash of S$402.3m, but upside now looks capped.</li>
</ul>


2Q FY2026 revenue of S$402.6m (+11.3% YoY) and net profit of S$37.6m (+10.2%); 1H revenue S$855.4m (+11.9%) on 16 new stores and +3.3% SSSG.
Gross margin hit a record 32.8% in 2Q; network reached 97 stores; interim DPS raised 17.2% to 3.75 cents despite the S$520m Sungei Kadut build.
At S$3.35, SSG trades at 30.3x FY2026e P/E and 23.0x EV/EBITDA; the premium reflects 27.1% ROE and net cash of S$402.3m, but upside now looks capped.


Sheng Siong Group Ltd (SSG SP) Q2FY26: Steady Low Double-Digit Growth

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.</li>
<li>Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health &amp; Beauty segment.</li>
<li>On its investor call, <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a> acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.</li>
</ul>


DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.
Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health &amp; Beauty segment.
On its investor call, DFI Retail Group Holdings (DFI SP) acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.


DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

<ul>
<li>The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.</li>
<li>DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.</li>
<li>Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.</li>
</ul>


The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.


Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

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 Shiong (SSG) Vs. Kimly: Convergence

Sheng Shiong's share price rally is driven by multiple expansion rather than earnings growth hence it may normalize soon when 1) RTS opens, 2)...

Henry Soediarko

Singapore Market Roundup (09-Oct-2026): CGSI is optimistic about Sembcorp.

CGSI is optimistic about Sembcorp. Maybank downgrades Sheng Siong to 'hold' with a lower target price, while DBS maintains a 'buy' rating on Singtel.

Singapore Market Roundup

Sheng Siong Group Ltd (SSG SP) Q2FY26: Steady Low Double-Digit Growth

SSG SP: 2Q revenue +11.3% YoY, record 32.8% gross margin, 97 stores, interim DPS +17.2%; operating cash flow dipped on payables timing, valuation...

Sameer Taneja

DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

Looking ahead, DFI faces a value-conscious consumer landscape and intense competition. With profit growth expected to moderate to single digits...

Devi Subhakesan

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore's branded consumer retail margins and retail rental yield are at risk when easier border crossing access to Malaysia could prompt more...

Devi Subhakesan

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