Sheng Siong Group's staff costs could remain high this year, due to more headcount from new store openings, say UOB Kay Hian analysts in a note.
The supermarket-chain operator is awaiting tender results for additional new outlets, they write.
Costs could also be weighed by higher wages under a government wage structure, they say.
UOB KH trims its 2025 and 2026 earnings forecast for Sheng Siong by around 2% to reflect higher staff costs from more store openings.
The brokerage also lowers the stock's target price to S$1.92 from S$1.93, while maintaining a buy rating.
Shares closed at S$1.62.
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