The analyst also adds that despite the decline in DFI’s food retail division’s same-store sale growth (SSSG) due to weaker consumption, it saw margin improvement in cost control.
RHB Bank Singapore’s Alfie Yeo has maintained his “buy” call on DFI Retail Group (SGX:D01
) (DFI) while increasing his target price from US$2.80 ($3.78) to US$2.81 as he continues to anticipate continued earnings recovery for the company.
On May 23, DFI released its update for the 1QFY2024 ended March 31, which continued to meet the analyst’s expectations. DFI’s overall revenue increased 2% y-o-y while its underlying profit grew more than 60% y-o-y boosted by better profitability.
