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.
CGS International is reiterating its “add” call and $2.21 target price on supermarket operator Sheng Siong following its 1HFY2025 ended June results announcement, but are pending an upcoming analyst briefing for further clarity on operational updates.
The group reported 2QFY2025 revenue of $361.7 million, 7.0% higher y-oy, bringing 1HFY2025 revenue to $764.7 million. This is in line with expectations at 50%/49% of CGSI/Bloomberg consensus FY2025 estimates.
