{
  "id": 17751961,
  "title": "Sheng Siong shares continue last week’s slide, fall over 9% to hit one-year low",
  "url": "https://urgent.news/2026/11/02/sheng-siong-shares-continue-last-weeks-slide-fall-over-9-to-hit-one-17751961",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-02T05:25:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/sheng-siong-shares-continue-last-weeks-slide-fall-over-9-to-hit-one-year-low"
  },
  "original_language": "en",
  "account": "Shares of supermarket operator Sheng Siong continued to slide downward on November 2, falling as much as 9.4% in the morning trading session. The decline came after the company reported a slight 1.9% year-on-year increase in net profit for the third quarter of the year, disclosed earlier that evening. The stock had previously closed down 4.6% on October 30, trading at S$2.67.\n\nOpening at S$2.48 on November 2, the share price quickly plummeted to S$2.46, and continued to drop to S$2.42, marking a 9.4% decline by mid-morning. This represents the lowest level the stock has reached since November 3, 2025, when it traded at S$2.33 intraday. A total of 7.4 million shares changed hands by 10:44 am on the volatile trading day.\n\nThere were no related merger or acquisition deals reported. The mainboard-listed supermarket operator disclosed a net profit of S$44.6 million for the quarter, up from S$43.7 million a year earlier. Revenue for the period rose 6.2% to S$441.5 million, from S$415.5 million in the same period last year. The company attributed the growth to a larger store network in Singapore, and improvements in same-store sales.\n\nHowever, the stock's decline follows Sheng Siong's CEO warning during the Q3 results briefing that the grocery retail landscape remains competitive, with promotional activities potentially putting pressure on revenue and margins. The upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link, expected to commence operations in February 2027, could further intensify competition by encouraging cross-border shopping and heightening price competition for selected packaged groceries and household products. Sheng Siong stated it would adapt its strategies in response to the evolving situation.\n\nIn addition to competition, rising labor costs were flagged as another challenge for the company. These include wage increases under the Progressive Wage Model and National Wages Council's guidelines for 2026 to 2027. The company raised retail worker salaries in September last year to meet Progressive Wage Model requirements for the retail sector. Analysts have warned of further earnings growth moderation for Sheng Siong in the fourth quarter, attributed to factors including the full-quarter impact of the closure of Thomson Imperial Court store on September 25, higher utility prices, and rising staff costs. DBS analyst Chee Zheng Feng maintained a hold rating on the stock with an unchanged target price of S$3.",
  "summary": "The company says competition in grocery retail could intensify over the coming year.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Sheng Siong shares continue last week’s slide, falls 7.9% after modest Q3 earnings growth",
        "url": "https://urgent.news/2026/11/02/sheng-siong-shares-continue-last-weeks-slide-falls-7-9-after-modest",
        "published": "2026-11-02T02:28:32.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}