In their previous note, analysts Meghana Kande and Lim Siew Khee noted that the group opened three new stores in 2Q2025. Two more units were opened in Punggol in Jul 2025, bringing Ytd store openings to seven units. One more outlet (Cathay mall) is scheduled to open in 3Q2025. Sheng Siong also has three tenders pending results.
“We note that Singapore’s Housing Development Board (HDB) has added another supermarket unit at Block 623 Elias Road for tender from Jul 29 to Aug 26,” add Kande and Lim.
Looking ahead to 2026, HDB is planning to tender three units sized about 5,400-9,700 sq ft, similar to Sheng Siong’s typical stores. “We expect Sheng Siong to bid for these sites, which are estimated to be up for tender near Mar-Jun 2026, according to HDB. We forecast Sheng Siong to open 10 and five stores in FY2025 and FY2026, respectively,” say the analysts.
Overall, the analysts like Sheng Siong for its strong operational track record and visible store tender pipeline.
See also: OCBC's Lim cuts fair value for SingPost to 49.5 cents
As at 4.00pm, shares in Sheng Siong are trading at $2.11.
