This came on the back of the group announcing yesterday that its 1H18 earnings have increased by 6% to US$225 million ($306.2 million), compared to its 1H17 restated earnings of US$212 million, on higher consolidated sales.
SINGAPORE (July 27): DBS is downgrading its recommendation on Dairy Farm International (DFI), a member of the Jardine Matheson Group, to “hold” from “buy” previously with a lower target price of US$9.35 ($12.73).
In a Friday report, analyst Alfie Yeo says, “We turn neutral on DFI on a slower growth outlook coupled with strong total share price (including dividends) performance (+20%) in the past year. We project earnings growth at a slower pace in FY18F, dragged by lower contribution from associate income especially Yonghui, and higher operating costs.”
