According to DBS Group Research, supermarket sales will continue to rise as customers are forced to spend more time at home. Sales are also expected to be bolstered by spates of panic buying.
Dairy Farm International
Price targets:
US$4.70 UPGRADE BUY (DBS Group Holdings)
US$5.05 HOLD (HSBC Global Research)
US$4.38 REDUCE (CGS-CIMB Research)
US$5.05 NEUTRAL (RHB Group Research)
Despite the doom and gloom as additional safe distancing measures are put in place amid the escalating Covid-19 outbreak, there is good reason to believe that grocery retail businesses are likely to emerge as one of the few beneficiaries of the crisis.
