- 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.
