“While 1HFY2024’s results saw weaker-than-expected sales and joint venture (JV) and associates’ contribution, margin recovery of the food division was encouraging,” says Yeo.
RHB Bank Singapore analyst Alfie Yeo has kept “buy” on DFI Retail Group (SGX:D01
) with a lower target price of US$2.61 ($3.45) from US$2.81 previously.
Although DFI’s 1HFY2024 ended June underlying profit missed expectations, Yeo highlights the outperformance of the company’s operating profit, which grew 81% y-o-y to US$168 million led by margin recovery and cost controls in the food and health and beauty divisions.
