- While revenue was largely in line with expectations, DFI Retail reported weaker-than-expected net profit that was impacted by weaker grocery earnings and margins, as well as one-off items. Other segments were strong, especially health & beauty and its Maxim’s associate.
- - Read this at SGinvestors.io -
DFI's 1H23 results weaker than expected.
- While DFI Retail Group (SGX:D01) reported stable revenue of US$4.5b in 1H23, the company missed our and consensus earnings estimates due to a US$44m loss from the sale of its Malaysian grocery business as well as weaker-than-expected operating profit margin from its grocery, convenience and Ikea business segments.
- - Read this at SGinvestors.io -
- its Maxim’s associate with revenue rising by 23% and 37% y-o-y respectively.
- We note that DFI Retail's cashflow generation continues to be healthy with free cash flow of US$44m (1H22: outflow of US$48m).
A more prolonged and uncertain recovery.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-08-01
Read also UOB's most recent report:
2024-03-11 DFI Retail Group - 2023 Back To Profitability On The Back Of Positive Near-Term Trends.
Price targets by 2 other brokers at DFI Retail Target Prices.
Listing of research reports at DFI Retail Analyst Reports.
Relevant links:
DFI Retail Share Price History,
DFI Retail Announcements,
DFI Retail Dividends & Corporate Actions,
DFI Retail News Articles
