Dairy Farm International - CGS-CIMB Research 2021-11-12: Light At The End Of The Tunnel?

Dairy Farm International - Light At The End Of The Tunnel?

  • Dairy Farm International (SGX:D01) reported a weak set of business updates with profits continuing to be impacted by the ongoing pandemic and losses by key associate Yonghui.
  • We expect the tough operating environment to persist in 4Q21F, but see light at the end of the tunnel with potential HK-China border reopening in 1H22F.
  • We believe more visibility on the HK-China border reopening is needed for sustained multiples re-rating.
  • Maintain HOLD rating on Dairy Farm International with a lower target price of US$3.50, still based on 18.5x CY22F P/E (1 standard deviation below Dairy Farm International’s 5-year historical mean).

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

ONG Khang Chuen CFA CGS-CIMB Research | Kenneth TAN CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-12

Read also CGS-CIMB's most recent report:
2022-07-29 DFI Retail Group - More Time Needed.

Previous report by CGS-CIMB:
2022-06-24 DFI Retail Group - FY22F A Year Of Investment.

Price targets by other brokers at Dairy Farm Target Prices.
Listing of research reports at Dairy Farm Analyst Reports.

Relevant links:
Dairy Farm Share Price History,
Dairy Farm Announcements,
Dairy Farm Dividends & Corporate Actions,
Dairy Farm News Articles

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