Sheng Siong Group eyes 50 stores in Singapore

To support Singapore's 6.9m population by 2030.

Nomura hosted Sheng Siong Group's (SSG) CEO and CFO for pulse of Asia Conference in Singapore and a two-day NDR in Hong Kong, which drew keen interest from investors.

Nomura noted that with Singapore’s population projected to increase to 6.9m by 2030, SSG targets to expand its store network to 50. Management believes that it can increase its network intensity further in the northern eastern and central parts of Singapore.

Here's more from Nomura:

SSG currently has 33 stores and now targets to reach 50 stores in Singapore eventually, following the Singapore government’s plan to increase population to 6.9m.

Management had a previous target of 40 stores when it was first listed in 3Q11, but it now believes that SSG has headroom for an additional 17 stores in Singapore.

SSG’s management team has mapped out underrepresentation in the northern, eastern and central parts of Singapore.