Today, we’re looking at a stock that has puzzled quite a few investors over the past month, and that is Sheng Siong (SGX: OV8). Because on the surface, the story does not seem to make sense. Sheng Siong just delivered a good set of FY2025 results. Revenue was up. Net profit was up. Margins improved. Dividends increased. Store expansion remained strong. And after the results, research houses generally became more constructive on the business outlook, even if they were not all equally enthusiastic on valuation. Yet the share price still fell more than 10% from its early-February peak to early March. Using the peak of $2.92 on 5 February 2026 and the close of $2.53 on 9 March 2026, the decline works out to about 13.4%. So the natural question is this: if the business is still executing well, why is the market marking the stock down? Is this just a temporary sentiment wobble? Or is the market simply re-pricing a very good business that had become too expensive? That is what I want to unpack today. We’ll look at Sheng Siong at a glance, go through the FY2025 results in more detail, break down what actually drove those numbers, examine its competitive position against NTUC FairPrice and the wider supermarket landscape, discuss the possible reasons for the recent share-price weakness, and then close with The Dividend Uncle’s Take on whether this looks like a temporary blip worth watching closely, or whether caution is still warranted. As always, a reminder that this video is for informational purposes only and not financial advice. Always do your own research and consult a licensed adviser before making any investment decisions. I own some of the shares discussed, but remember what works for me might not work for you. Alright, let’s dive in....