While the group reported positive figures in FY2020 due to the panic spending and government support, it had a “tough act” to follow in FY2021 following the previous year’s high base.
UOB Kay Hian analyst Adrian Loh has kept “buy” on Dairy Farm International (DFI) as he sees some positivity in the group’s retail sales in Hong Kong, as well as y-o-y sales growths in its food and beverage (F&B) associate Maxim in the 3QFY2021.
That said, Loh has lowered the counter’s target price to US$3.60 ($4.92) from US$4.53 previously due to the “underwhelming” performance seen in 2021.
