ABCC-2026-005: “Predictability or Upside? Sheng Siong vs. DFI Retail Group (FY2022-FY2024)”    

Abstract: This case places students in the role of an equity research intern tasked with evaluating two grocery retailers—Sheng Siong Group and DFI Retail Group—using financial statement analysis (FSA).  

The case is designed to move students beyond mechanical ratio computation toward understanding the economic drivers of performance, particularly through ROE decomposition and earnings quality assessment.  

It highlights the contrast between:  

• a focused, operationally efficient domestic player (Sheng Siong), and  
• a geographically diversified, restructuring-driven regional group (DFI).  

The case also introduces the complexities of financial statement analysis in the presence of:  

• non-recurring items,  
• investment in associates and joint ventures, and  
• assets held for sale  

ABCC-2026-005:  “Predictability or Upside? Sheng Siong vs. DFI Retail Group (FY2022-FY2024)”