Analysts are positive on supermarket operator Sheng Siong, as grocery demand has shown to be resilient despite the relaxing of social distancing measures, as many are still working from home.

This is evident in Sheng Siong’s latest 3QFY2020 business update, which saw earnings surge some 54.4% y-o-y to $31.8 million, translating to  earnings per share (EPS) of 2.11 cents, higher than 1.37 cents in 3QFY2019.

Revenue for the period increased by 28.9% y-o-y to $327.3 million, contributed by comparable same store sales and new stores in Singapore that came about from elevated demand due to the Covid-19 pandemic, and a rise in sales from the group’s stores in China.

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