Sheng Siong Group Ltd (SSG SP) Reduce: Normalisation thesis is intact

Research evidence excerpt

Sheng Siong Group Ltd (SSG SP) Reduce: Normalisation thesis is intact

Equities ● Food & Staples Retailing

13 May 2026

Financials & valuation: Sheng Siong Group Ltd Reduce

Financial statements Key forecast drivers

Year to 12/2025a 12/2026e 12/2027e 12/2028e Year to 12/2025a 12/2026e 12/2027e 12/2028e

Profit & loss summary (SGDm) Singapore SSSG (%) 1 3 1 0

Singapore net store addition 12 4 3 3Revenue 1,570 1,704 1,783 1,839

Total revenue growth (%), Y-o-Y 10 9 5 3EBITDA 231 251 265 271

Selling and distribution expenses as 17 18 18 19Depreciation & amortisation -64 -70 -72 -77

% of salesOperating profit/EBIT 167 181 192 194

Administrative expenses as % of sales 4 4 4 4Net interest 4 5 4 -1

Adjusted EBIT margin (%) 11 11 11 11PBT 180 186 196 193

HSBC PBT 180 186 196 193

Taxation -30 -31 -33 -33

Net profit 149 155 163 161 Valuation data

HSBC net profit 142 155 163 161 Year to 12/2025a 12/2026e 12/2027e 12/2028e

Cash flow summary (SGDm) EV/sales 2.7 2.5 2.5 2.5

Cash flow from operations 228 231 238 243 EV/EBITDA 18.5 17.2 16.9 17.0

Capex -21 -136 -226 -201 EV/IC 14.2 10.5 7.2 5.7

Cash flow from investment -12 -125 -216 -196 PE* 32.0 29.4 27.9 28.4

Dividends -96 -100 -105 -103 PB 7.7 7.1 6.5 6.0

Change in net debt -33 55 151 124 FCF yield (%) 4.6 2.1 0.3 0.9

FCF equity 207 95 13 42 Dividend yield (%) 2.1 2.2 2.3 2.3

Balance sheet summary (SGDm) * Based on HSBC EPS (diluted)

Intangible fixed assets 0 0 0 0

Tangible fixed assets 484 605 820 1,006

Current assets 558 515 378 389 ESG metrics

Cash & others 436 383 241 247 Environmental Indicators 12/2025a Governance Indicators 12/2025a

Total assets 1,071 1,150 1,229 1,425 GHG emission intensity* 70.8 No. of board members 9

Operating liabilities 306 327 339 348 Energy intensity* 96.1 Average board tenure (years) 8.9