DFI Retail Group - RHB Invest 2023-12-11: Recovery On The Cards; Maintain BUY

• We continue to see DFI Retail Group (SGX:D01) as a recovery play with attractive dividends. We anticipate a recovery in FY24 – driven by an expected pick-up in demand in the various markets, and improving domestic consumption.
• - Read this at SGinvestors.io -
• DFI Retail's share price currently trades at an attractive 13x FY24F P/E vs our implied target P/E of 17x.

FY24F recovery remains intact.

• Our investment thesis on DFI Retail is based on earnings recovery (18% earnings CAGR growth from FY23 to FY25) at a compelling valuation. We see earnings driven by sturdy domestic consumption and a pick-up in tourism in Hong Kong, on top of the continued economic recovery in ASEAN and China.
• - Read this at SGinvestors.io -

3Q23 in line.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-12-04 DFI Retail Group - Investor Day Affirms Earnings Growth; Maintain BUY.

Previous report by RHB:
2025-11-05 DFI Retail Group - Earnings Recovery Gaining Traction; Keep BUY.

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 Dividend Payout Dates & Corporate Actions,
DFI Retail News