Competition
Competitors describe PT Erajaya Swasembada Tbk's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.
Senheng New Retail Berhad (5305)
The only peer in this run's corpus that filed a readable document, and a genuine competitor: Malaysia's largest listed specialist chain for consumer electrical and electronics goods, operating 116 stores under the Senheng, Grand Senheng and senQ banners. Erajaya's Malaysian subsidiary CG Computers Sdn. Bhd. ended 2025 with 223 outlets there — 115 Urban Republic, 86 Switch (Apple Authorised Reseller), 10 Samsung Experience Stores, 8 Mi and 4 Huawei — so the two chains sit in the same Malaysian malls and street-level locations. The overlap is sharpest in Senheng's senQ format, which the company describes as carrying "a wider range of digital gadgets and smart electronics, predominantly in shopping malls," the assortment Urban Republic and Switch sell; it is thinner in Senheng's white-goods and home-appliance core, where Erajaya's comparable format (Erablue, 181 Indonesian stores at end-2025 against 87 a year earlier) is a domestic rather than a Malaysian business. Exhibits below are confined to the retail-competition material — the corporate profile, MD&A and the risk discussion. Senheng's sustainability statement, governance chapters and AGM notices, which are the bulk of the report, are excluded. Senheng does not name Erajaya anywhere in the document.
How Senheng names its competitive set in a filed risk disclosure: brick-and-mortar retailers, online marketplaces and e-commerce platforms, in that order and with no single rival singled out. Erajaya's Malaysian stores fall in the first bucket; Shopee and Lazada are the unnamed second and third. The stated response is the one that matters for the subject, because it is the same lever Erajaya pulls — affordability through instalment and flexible-ownership schemes (Senang Milik) plus bank and credit-card financing partnerships, rather than headline price. Read alongside the demand statement above it, this is a peer arguing that the post-2022 normalisation in electronics demand is a return to trend rather than a cyclical trough, and that the contested ground is payment terms and access, not discounting. It is the peer's characterisation of its own market and is not independently verified here.
Management Discussion and Analysis — Risks, Challenges, and Mitigation Strategies: The observed moderation in consumer expenditure reflects a normalization of purchasing habits following the surge in demand for home appliances and consumer electronics experienced during 2020-2022. […] The retail industry operates with intense competition, with Senheng facing significant competition from an array of market participants, including brick-and-mortar retailers, online marketplaces, and e-commerce platforms. To sustain its competitive advantage within this environment, Senheng is prioritizing the delivery of appealing value through afordability and flexible ownership solutions, such as our Senang Milik program, designed to facilitate access to essential products. The Group also actively collaborates with a diverse range of financial institutions, such as major banks and credit card providers, to ofer a comprehensive suite of flexible payment solutions and financing schemes, with the aim of providing superior value, convenience, and exceptional service. […] The retail sector is undergoing rapid technological transformation, driven by changing consumer preferences and new technologies. The Group must continuously adapt and innovate its business model, digital platforms, and operational processes to maintain a competitive edge.
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The most directly comparable disclosure in the document: Senheng withdrawing from the small-format, mobile-focused store concept — the format Erajaya's Malaysian arm is built on — while adding large experiential stores. The network shrank from 125 to 116 outlets over FY2024, with Senheng Mobile phased out through Q1 2025, six stores upgraded or relocated and three large-format stores opened. Senheng frames this as quality over quantity; the report also records the write-off of fixed assets on the Senheng Mobile closure as one of the charges behind FY2024 net profit falling to RM11.0 million from RM25.0 million (p.16), so the retreat carried a cost. Against this, Erajaya's Malaysian gadget formats moved the other way in aggregate over 2025 — Switch from 83 to 86 outlets and Samsung Experience Stores from 9 to 10, with Urban Republic edging down from 117 to 115. The online figure is the other half of the picture: RM128.3 million, up 54%, but still only about a tenth of the group's RM1,216.9 million revenue, so this is a chain whose e-commerce is growing fast off a small base while its store count contracts.
Management Discussion and Analysis — Fortifying Omnichannel Leadership and Accelerating Digital Growth: In FY2024, we recalibrated our store portfolio, aligning with our focus on innovation, agility, and efective resource allocation. We took several key actions: closure of Senheng Mobile stores to right-size our earlier growth initiative involving small-format mobile-focused brand operation, phased out from FY2024 to the first quarter of 2025; upgrades or relocations of six existing stores; and opening of three new Grand Senheng, Grand Senheng Elite, and senQ stores. Our optimized network stood at 116 stores as at 31 December 2024 (compared to 125 at the end of 2023). […] Our eforts on boosting online market penetration yielded robust online sales growth, reaching RM128.3 million in FY2024, a 54% increase from RM83.5 million in the previous year, underscoring the efectiveness of our digital strategy.
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