DFI Retail Group - UOB Kay Hian 2024-03-11: 2023 Back To Profitability On The Back Of Positive Near-Term Trends

• DFI reported better-than-expected underlying profits and dividends with its convenience and health & beauty segments offsetting weakness seen in food and home furnishings. Within its associates, Maxim’s profit growth overcame Yonghui’s losses, the latter being the only business still in the red in 2023.
• - Read this at SGinvestors.io -
• Maintain BUY. Target price lowered to US$2.39.

Back in the black in 2023.

• DFI Retail Group (SGX:D01) reported 2023 results that bettered our estimates with underlying profit attributable to shareholders of US$155m, up five-fold vs 2022.
• - Read this at SGinvestors.io -
• Its final dividend of US$0.05 (1H23: US$0.03) results in a total 2023 dividend of US$0.08 vs its 2023 EPS of US$0.0239. This was better than our expectation of a 70% payout ratio. See DFI's dividend dates.

A stronger 2H23 vs 1H23.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-19 DFI Retail Group - Bolder Targets & Greater Expectations.

Previous report by UOB:
2025-07-24 DFI Retail Group 1H25 - Resilient Retailer, Rewarding Results.

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