DFI’s results for the full year ended Dec 31, 2022, came in 51% below their estimates.
Analysts from Citi Research and RHB Group Research have maintained their “neutral” position on DFI Retail Group Holdings (SGX:D01
) (formerly Dairy Farm International) with higher respective target prices of US$3.16 ($4.25) and US$3.09, from US$2.36 and US$2.71 previously.
In their report dated March 7, Citi’s Tiffany Feng, Wei Xiaopo and Brian Cho say that although DFI’s core net profits for FY2022 slumped by 72% y-o-y due to its investments in e-commerce and digital innovation as well as lower government grants and rent concessions, they believe DFI is still poised for recovery.
