SINGAPORE (Jan 12): Dairy Farm International’s core business in Hong Kong could be set for a recovery, and for that, RHB Research has maintained its “buy” recommendation on the stock. Hong Kong contributes between 40% and 45% to Dairy Farm’s overall group revenue. 

In 2016, retail sales in Hong Kong was impacted by lower spending by Mainland Chinese tourists, but is likely to improve after mainland Chinese tourist arrivals ticked up from November 2016.

“We believe this bodes well for its business at Mannings in 2017,” said the RHB Singapore research team in a note on Thursday.

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