The immediate and severe attack on the market by the industry is due to the fall in prices of Sheng Siong following the downgrade and reduction in reference rate of Maybank. A drop of up to 3% has been particularly pronounced because the analytical director of Maybank, Hussaini Saifee, stated that the company remains an excellent operator but is limited in its potential for rating upgrades due to issues related to normalization of growth and emerging markets boundaries. The price of Sheng Siong's securities have been damaged as part of a broader trend within the category of supermarkets. Other supermarket chains have also seen their prices decline, indicating general reductions in expenses and confidence in the supermarket industry.

Various factors have influenced the recent evolution of supermarket industries: government assistance programs such as tax-free vouchers and cash payments that temporarily stimulated demand but have awakened future expectations. Additionally, the closure of sales outlets has negatively impacted Sheng Siong's growth trajectory, causing a slowdown in its development. Despite these challenges, Sheng Siong continues to operate efficiently with strong financial results, including an annual compounded net profit margin (NPAM) rate of 8% over 2028 and a dividend yield of 2.5%. However, current market conditions suggest that investors may be priced into part of their resilience, making it difficult for Sheng Siong to achieve further reference releases.

The importance of maintaining an balanced approach in the supermarket industry is evident, where both advantages and disadvantages can influence a company's behavior. Despite benefiting from a resilient consumption and specific assistance programs, the current economic environment is expected to moderate any potential rating uplift. In response to the immediate attack, Maybank has adjusted its outlook for Sheng Siong's new cases in 2028 from five to four, reducing the net profit after taxes for the years 2026-2028 from a range of 1% to 3%. This reduction reflects the changing landscape of the supermarket industry and the need for companies to adapt to evolving market conditions.

Regarding the market, Sheng Siong will remain determined to provide high-quality products and services while continuing to navigate through the economic challenges currently faced by the situation. Its strong financial balance and positive results should support continued growth and profitability for the company over future periods.