- DFI Retail continues to remain as our recovery play as 1Q24’s interim performance and outlook tracks in line with our expectations. We anticipate continued earnings recovery in FY24F.
- DFI Retail's dividend yield is decent due to parent company Jardine Matheson (SGX:J36) practice of uplifting dividends back to the group level.
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1Q24 within expectations.
- DFI Retail Group (SGX:D01)’s latest interim management statement revealed that 1Q24 continued to track within our expectations. Overall revenue grew 2% y-o-y while underlying profit grew more than 60% y-o-y on the back of better profitability.
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- The convenience division’s SSSG increased in Macau, South China, and Singapore while margins more than doubled due to better sales mix.
- The health and beauty division’s SSSG grew in Malaysia and Indonesia, and on tourism recovery in North Asia. Margins improved on cost control and better gross margins.
- The home furnishing division saw lower underlying profit – affected by weak sentiment in Indonesia and Hong Kong outlets.
Estimates unchanged.
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