Sheng Siong Group Ltd (SGX: OV8) is one of Singapore’s largest supermarket operators. As of end-2019, it runs 59 outlets with a total retail area of 529, 480 square feet. Grocery retailing is a stable business with inelastic demand regardless of economic conditions. Due to this, Sheng Siong (Sheng Siong) is often viewed as a defensive company. Its share price seems to suggest so. Since the start of 2020, Sheng Siong share price fell 18.2%, while the Straits Times Index fell about 28.3%. In this article, I will share about Sheng Siong’s financial performance and business expansion thus far. Business Overview The Lim brothers started Sheng Siong as a pork stall in 1985. Unlike other supermarket owners, Sheng Siong specialises in economical grocery stores in heartland areas. Its outlets cater to the needs of nearby residents by providing both wet and dry shopping options. It is well known for its fresh produce segment by offering a wide variety of seafood, meat, and vegetables at affordable prices....