- We stay positive on DFI Retail (SGX:D01) and roll over our target price from FY26F P/E to blended FY26-27F P/E.
- 1Q26 performance is in line with our estimates as FY26 earnings guidance of US$270-300m and 70% dividend payout ratio policy remain unchanged. DFI Retail (SGX:D01) targets to achieve US$310-350m of core profit by FY28 through the strengthening of its value proposition for customers and better operating leverage.
1Q26 earnings in line.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- We make no changes to our estimates as 1Q26 is in line and FY26 earnings guidance remains unchanged.
Health and beauty
- Health and beauty grew 7% in like-for-like sales on increased transaction count and larger basket size. Hong Kong and South East Asia, particularly Indonesia and Vietnam, delivered strong sales growth on better footfall. Segment profit grew 2% (excluding Mannings China closure costs), and due to competitive pressure in Malaysia as well as higher mix of online sales.
Convenience
- Read more at SGinvestors.io.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2026-04-28
Previous report by RHB:
2026-03-04 DFI Retail Group - On Track For Long-Term Growth; Maintain BUY.
Price targets by 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
