<p>【新加坡】超市运营商昇菘的强劲第一季度业绩促使大华银行研究和 RHB 分析师上调了目标价，主要得益于利润率前景的改善和店铺扩张的良好环境。</p>
<p>昇菘报告称，2026 年第一季度净利润同比增长 12.6%，达到 4340 万新元，收入增长 12.4%。这一收入增长主要得益于新店开业和受节日需求支持的健康同店销售增长。</p>
<p>RHB 维持 “买入” 评级，将目标价从 3.02 新元上调至 3.45 新元，而大华银行维持 “持有” 评级，将目标价从 2.60 新元上调至 2.80 新元。</p>
<p>尽管 CGS 国际（CGSI）对昇菘的评价积极，但并未上调目标价，仍维持在 3.40 新元。</p>
<h2>更强劲的业绩即将到来</h2>
<p>RHB 在周一的报告中概述了对昇菘在未来几个季度表现更强劲的预期，这得益于该集团在 2025 财年新开设的 12 家新店的全年收益贡献。</p>
<p>分析师 Alfie Yeo 指出，昇菘已经为 2026 财年确定了三家新店，并在等待其他五个投标的结果。从长远来看，他强调昇菘的新配送中心最终将支持超过 120 家门店。</p>
<p>此外，该集团多样化的供应基础降低了中东冲突带来的重大干扰风险，Yeo 表示，供应商尚未提高价格。</p>
<p>大华银行对昇菘的看法也持积极态度，轻微上调了 2026 年和 2027 年的盈利预测，分别提高了 0.3% 和 3.9%，以反映更强的店铺扩张前景和改善的利润假设。</p>
<p>分析师郑丰志表示，他预计将有 “很高的可能性” 出现来自竞争对手的店铺可用性，指出好市多和安莫可能会放弃店铺，为昇菘创造进一步的扩张机会。</p>
<p>然而，他警告称，预计未来几个季度的盈利动能将有所减弱。2026 年第一季度的强劲表现部分受到中国新年和 SG60 代金券时机的推动。</p>
<p>他表示，随着新店贡献的减弱和下半年高基数效应的出现，增长预计将逐步放缓。</p>
<h2>潜在的成本压力</h2>
<p>CGSI 在 4 月 30 日提前发布的报告中维持 “增持” 评级，并保持目标价不变。</p>
<p>尽管承认第一季度业绩强劲符合预期，CGSI 分析师 Meghana Kande 和 Lim Siew Khee 强调了潜在的成本压力。</p>
<p>尽管供应商尚未实施显著的价格上涨，CGSI 警告称，持续的高燃料和运输成本可能会在 2026 年提高昇菘的采购成本。</p>
<p>尽管如此，CGSI 对该股票仍持积极态度，指出规模效应应有助于缓冲更高运输成本的影响。该券商表示，继续将昇菘视为在通货膨胀环境中消费者寻求更具性价比选择的主要受益者。</p>

昇菘

<p>DBS 和 RHB 的分析师在昇菘公布强劲的第一季度业绩后，调高了其目标价格，净利润增长 12.6%，达到 4340 万新元。RHB 将目标价从 3.02 新元上调至 3.45 新元，而 DBS 则将目标价从 2.60 新元上调至 2.80 新元。CGSI 维持其目标价在 3.40 新元，指出由于燃料和运输成本上升可能带来的成本压力。分析师预计由于新店开业，业绩将更强劲，但也警告称，未来几个季度的盈利动能可能会减弱</p>

<p>[SINGAPORE] Supermarket operator Sheng Siong’s robust first-quarter results have prompted analysts at DBS Group Research and RHB to raise their target prices, driven by an improved margin outlook and a fertile environment for store expansion.</p>
<div class="lb-trans"><p>【新加坡】超市运营商昇菘的强劲第一季度业绩促使大华银行研究和 RHB 分析师上调了目标价，主要得益于利润率前景的改善和店铺扩张的良好环境。</p>
</div><p>Sheng Siong reported a 12.6 per cent year-on-year rise in net profit for the first quarter of 2026 at S$43.4 million, on a 12.4 per cent growth in revenue. The top-line growth was largely fuelled by new store openings and healthy same-store sales growth supported by festive demand.</p>
<div class="lb-trans"><p>昇菘报告称，2026 年第一季度净利润同比增长 12.6%，达到 4340 万新元，收入增长 12.4%。这一收入增长主要得益于新店开业和受节日需求支持的健康同店销售增长。</p>
</div><p>RHB maintained its “Buy” and raised its target price from S$3.02 to S$3.45, while DBS maintained its “Hold” and raised its target price from S$2.60 to S$2.80.</p>
<div class="lb-trans"><p>RHB 维持 “买入” 评级，将目标价从 3.02 新元上调至 3.45 新元，而大华银行维持 “持有” 评级，将目标价从 2.60 新元上调至 2.80 新元。</p>
</div><p>Still, CGS International (CGSI) did not raise its target price despite a positive call, leaving it at S$3.40.</p>
<div class="lb-trans"><p>尽管 CGS 国际（CGSI）对昇菘的评价积极，但并未上调目标价，仍维持在 3.40 新元。</p>
</div><h2>Stronger performance to come</h2>
<div class="lb-trans"><h2>更强劲的业绩即将到来</h2>
</div><p>RHB in the Monday note outlined expectations for Sheng Siong to have stronger performance in upcoming quarters, fuelled by a full 12-month earnings contribution from the 12 new stores the group opened in FY25.</p>
<div class="lb-trans"><p>RHB 在周一的报告中概述了对昇菘在未来几个季度表现更强劲的预期，这得益于该集团在 2025 财年新开设的 12 家新店的全年收益贡献。</p>
</div><p>Analyst Alfie Yeo noted that Sheng Siong has already secured three new outlets for the 2026 financial year and is awaiting the results for five other tenders. For the longer term, he highlighted that Sheng Siong’s new distribution centre will eventually support more than 120 stores.</p>
<div class="lb-trans"><p>分析师 Alfie Yeo 指出，昇菘已经为 2026 财年确定了三家新店，并在等待其他五个投标的结果。从长远来看，他强调昇菘的新配送中心最终将支持超过 120 家门店。</p>
</div><p>Additionally, the group’s diversified supply base mitigates the risk of major disruptions from the Middle East conflict, said Yeo, adding that suppliers have yet to raise prices.</p>
<div class="lb-trans"><p>此外，该集团多样化的供应基础降低了中东冲突带来的重大干扰风险，Yeo 表示，供应商尚未提高价格。</p>
</div><p>Also positive on Sheng Siong, DBS marginally lifted its 2026 and 2027 earnings forecasts by 0.3 per cent and 3.9 per cent, respectively, to reflect stronger store expansion prospects and improved margin assumptions.</p>
<div class="lb-trans"><p>大华银行对昇菘的看法也持积极态度，轻微上调了 2026 年和 2027 年的盈利预测，分别提高了 0.3% 和 3.9%，以反映更强的店铺扩张前景和改善的利润假设。</p>
</div><p>Analyst Zheng Feng Chee said he expects a “high likelihood” of store availability emerging from struggling competitors, noting that Hao Mart and Ang Mo could potentially relinquish stores, creating further expansion opportunities for Sheng Siong.</p>
<div class="lb-trans"><p>分析师郑丰志表示，他预计将有 “很高的可能性” 出现来自竞争对手的店铺可用性，指出好市多和安莫可能会放弃店铺，为昇菘创造进一步的扩张机会。</p>
</div><p>However, he warned that earnings momentum is expected to moderate in the coming quarters. The strong 2026 first quarter performance was partially lifted by the timing of Chinese New Year and SG60 vouchers.</p>
<div class="lb-trans"><p>然而，他警告称，预计未来几个季度的盈利动能将有所减弱。2026 年第一季度的强劲表现部分受到中国新年和 SG60 代金券时机的推动。</p>
</div><p>Growth is projected to slow down sequentially as new store contribution moderates and high base effects emerge in the second half of the year, he said.</p>
<div class="lb-trans"><p>他表示，随着新店贡献的减弱和下半年高基数效应的出现，增长预计将逐步放缓。</p>
</div><h2>Potential cost pressures</h2>
<div class="lb-trans"><h2>潜在的成本压力</h2>
</div><p>Releasing its note a few days earlier on Apr 30 CGSI maintained its “Add” rating and kept its target price unchanged.</p>
<div class="lb-trans"><p>CGSI 在 4 月 30 日提前发布的报告中维持 “增持” 评级，并保持目标价不变。</p>
</div><p>While acknowledging the strong in-line first quarter results, CGSI analysts Meghana Kande and Lim Siew Khee highlighted potential cost pressures.</p>
<div class="lb-trans"><p>尽管承认第一季度业绩强劲符合预期，CGSI 分析师 Meghana Kande 和 Lim Siew Khee 强调了潜在的成本压力。</p>
</div><p>Although suppliers have not implemented significant price increases yet, CGSI warned that sustained higher fuel and freight costs could raise sourcing costs for Sheng Siong in 2026.</p>
<div class="lb-trans"><p>尽管供应商尚未实施显著的价格上涨，CGSI 警告称，持续的高燃料和运输成本可能会在 2026 年提高昇菘的采购成本。</p>
</div><p>Nevertheless, CGSI remained positive on the stock, noting that scale efficiencies should help cushion the impact of higher shipping costs. The brokerage said it continues to view Sheng Siong as a key beneficiary of consumers trading downwards for more value-for-money options in an inflationary environment.</p>
<div class="lb-trans"><p>尽管如此，CGSI 对该股票仍持积极态度，指出规模效应应有助于缓冲更高运输成本的影响。该券商表示，继续将昇菘视为在通货膨胀环境中消费者寻求更具性价比选择的主要受益者。</p>
</div>

DBS, RHB raise Sheng Siong target prices on expansion runway, CGSI holds steady

DBS 和 RHB 因扩张潜力上调昇菘的目标价格，而 CGSI 则保持不变