RHB sets new benchmark for Dairy Farm as HK moves into a new 'normal'

RHB Group Research is keeping its “buy” recommendation on Dairy Farm with a target price of US$4.47 ($6.05).

In an Oct 22 report, analyst Juliana Cai says, “Hong Kong retail sales have remained fairly stable in July and August despite tightened restrictions during the period. We think this sets the new minimum benchmark for Hong Kong retail sales as tourism spending diminishes and locals decrease their discretionary spending.”