- DFI Retail's dividend yield is decent due to parent company Jardine Matheson (SGX:J36)’s practice of uplifting dividends back to the group level.
- - Read this at SGinvestors.io -
- DFI Retail's share price currently trades at an attractive 14x FY24F P/E vs our implied target P/E of 17x. Maintain BUY with lower US$2.80 target price from US$2.92, 30% upside and ~4% FY24F yield.
FY23 core earnings of ex-JV/associate above estimates.
- - Read this at SGinvestors.io -
- While revenue (US$9.2bn, 0% y-o-y) and gross profit were in line with our forecast, operating profit and its margins outperformed, largely contributed by sales, traffic recovery, operating leverage at the convenience stores, and health and beauty segments.
- Food’s profit declined y-o-y due to COVID-19’s higher base last year and competition in South-East Asia, although North Asia improved. IKEA saw SSSG and profit decline on a weak market environment.
Dividend payout ratio ~70%
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-03-12
Previous report by RHB:
2023-12-11 DFI Retail Group - Recovery On The Cards; Maintain 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 Dividends & Corporate Actions,
DFI Retail News Articles
