- DFI Retail (SGX:D01) delivered broad-based profitability improvement across all segments, including Maxim’s, with the exception of Convenience.
Strong FY25 core earnings of US$270mil, up 35% y-o-y.
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- Declared final dividend of 10.5 US cents. Total DFI Retail's dividends for the year came in at 14 US cents, in line with its higher guided 70% payout ratio.
Guided for US$270mil to US$300mil core earnings growth on 2-3% organic growth.
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Briefing overview
Health & Beauty
- Wellness focus and the return of high-value tourists should support sustained growth. Management noted that higher-spending tourists have returned to Hong Kong, driving sales at tourist stores in FY25, which we believe could extend into 2026.
- The strategic emphasis on wellness should also lift basket size and repeat purchases. We therefore modelled 4%/3% revenue growth in FY26F/27F, with operating margin expanding to 8.8%/8.9%.
Convenience
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