DFI Retail (SGX:D01)'s 2025 underlying profit of US$270m (+35% y-o-y) was at the top end of guidance and beat ours and consensus estimates by around 2%, supported by margin expansion, associate recovery and portfolio simplification.
Slight beat vs ours and consensus estimates.
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A final dividend of US$0.105 was declared and thus with its interim dividend, total DFI Retail's dividends for 2025 was US$0.14. This excludes its US$0.443 in special dividend that was paid out in Oct 25 that came from its divestment activity.
Health & beauty remains the strongest and most resilient segment
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While this segment saw like-for-like (LFL) growth of 5% we note that Southeast Asian markets such as Indonesia and Vietnam delivered over 10% LFL growth, highlighting strong regional demand for health and lifestyle retail. Interestingly, management also commented that tourist receipts in Hong Kong have rebounded strongly.
Strategic shifts in the convenience segment.
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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/.
