Broker Name: Maybank Research Pte Ltd
Date of Report: October 10, 2025
Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Sheng Siong Group (SSG), Singapore’s second largest grocery retailer, is well-positioned for multi-year growth, backed by Singapore’s construction boom, population growth, and government support measures that are fueling resilient consumption.
• SSG has outpaced competitors by opening 10 new stores year-to-date, expanding its operational efficiency with a new distribution centre, and maintaining strong margins and growth profile, resulting in a reiterated BUY call with a 12-month price target of SGD 2.30 (+12%).

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : www.maybank-keresearch.com