Based on ARN's FY25 disclosure, Cody HK reported negative net assets of US$17 million, largely due to significant provisions, compared with positive net assets of US$0.4 million in 1H2025.
Chee Zheng Feng of DBS Group Research has kept his "buy" call and US$5 target price on DFI Retail Group Holdings after its US$3.8 million acquisition of Cody HK, a leading Hong Kong out of home advertising operator with assets spanning buses, taxis, trams and other outdoor media formats, from Australia-listed ARN Media (ARN).
The acquisition strengthens DFI's retail media platform by expanding its advertising reach beyond in store and digital channels, supporting the growth of DFIQ Media and its broader omnichannel strategy.
