Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Sheng Shiong (SSG) Vs. Kimly: Convergence

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

Sheng Siong (SSG SP): Record Q1FY26 Revenues Driven By Store Expansions

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

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>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