In his July 2 report, Yeo notes that Sheng Siong has already opened two new outlets as of 1Q2025 with six other outlets expected to be opened by 3Q2025. Four more are awaiting tender results, he adds, which means that Sheng Siong would have opened at least eight new outlets in 2025. “We expect the higher store count from new outlets to continue driving Sheng Siong’s earnings growth going forward,” says Yeo.
Analysts from RHB Bank Singapore and CGS International have maintained their “buy” and “add” calls on Sheng Siong Group with higher target prices due to the group’s higher expected store count.
RHB analyst Alfie Yeo has increased his target price estimate to $2.12 from $1.98 while CGSI analysts Meghana Kande and Lim Siew Khee increased their target price to $2.21 from $1.90.
