DFI’s Standalone Business Segments Worth More Than Its Whole, Says DBS

The Edge Singapore2023-04-24

DBS Group Research analysts have reiterated their “buy” rating for DFI Retail Group with an unchanged target price of US$3.80 ($5.08), considering its “dominant market positions” in North and ...

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Comments

AcidIce
2023-05-11
AcidIce
It's totally horse crap! It should be as low as S$2 or so for all the crap plus dividends it's giving. And maybe DBS can run it better? Oh wait, they cannot even handle their ATMs & servers that didn't even got them a huge fine. But it's ok. MAS thinks it's small deal? Why not they go buy into this crap share?
- YangXH:
  ok
- ngchris:
  k
- hotwheels:
  [smile]
- Xian789:
  😊
- AlanTiger:
  Ok
BotakGuy
2023-04-24
BotakGuy
Then DBS should buy all

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Health & beauty continues to be the group’s key growth driver, note analysts Andy Sim and Chee Zheng Feng.In their report dated April 24, the analysts conducted a theoretical analysis to identify the intrinsic value of individual business segments within DFI as standalone entities, given the recent “flurry” of companies restructuring and breaking up to create shareholder value.“Our theoretical analysis and valuation of each respective individual business segment, based on a set of peers, suggests a total sum-of-the-parts (SOTP) value of US$5.5 billion (US$4.10/ share) to US$8.7 billion (US$6.41/share), indicating some 30% to 110% upside to the current share price,” explain the analysts.Their base case valuations of DFI’s food, health and beauty, home furnishings and the group’s 50% owned restaurant business segments are US$2.1 billion, US$2.2 billion, US$940 million, and US$1.3 billion, respectively.Coupled with DFI’s listed equity shareholdings in Yonghui and Robinsons Retail valued at a market price of US$1.2 billion, the DBS base case valuation stands at US$7.0 billion or US$5.16 per share, reflecting around 65% in upside.They note: “Even our conservative SOTP estimate is 8% above our target price of US$3.80, which is based on our thesis of an earnings inflexion point and post-Covid recovery for DFI in its operations, particularly in North Asia.”According to the analysts, North Asia’s reopening will be key to driving recovery in the health and beauty, convenience store and restaurant business segments, which were all badly hit by Covid-19 restrictions. 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Why not they go buy into this crap share?","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":12,"commentSize":10,"repostSize":0,"link":"https://ttm.financial/post/9970077286","repostId":1109697847,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106355809,"gmtCreate":1683810650242,"gmtModify":1683810656693,"authorId":3586332417338594,"author":{"id":3586332417338594,"idStr":"3586332417338594","authorId":3586332417338594,"name":"YangXH","avatar":"https://static.tigerbbs.com/2da16ba61657b694381bbd12971282c6","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970077286,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"},{"id":106355272,"gmtCreate":1683778963788,"gmtModify":1683778970127,"authorId":3572005609122539,"author":{"id":3572005609122539,"idStr":"3572005609122539","authorId":3572005609122539,"name":"ngchris","avatar":"https://static.tigerbbs.com/76fa13deb76ef9b61305ed927b5c3290","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970077286,"type":1,"supId":0,"prevId":0,"content":"<u>k</u>","text":"<u>k</u>","html":"<u>k</u>"},{"id":106355258,"gmtCreate":1683778548668,"gmtModify":1683778555118,"authorId":3555967496683005,"author":{"id":3555967496683005,"idStr":"3555967496683005","authorId":3555967496683005,"name":"hotwheels","avatar":"https://community-static.tradeup.com/news/c8429f5b1a56b87a4a6d6ef8452b459a","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970077286,"type":1,"supId":0,"prevId":0,"content":"[smile]","text":"[smile]","html":"[smile]"},{"id":106355179,"gmtCreate":1683777274730,"gmtModify":1683777281510,"authorId":4110928021767342,"author":{"id":4110928021767342,"idStr":"4110928021767342","authorId":4110928021767342,"name":"Xian789","avatar":"https://community-static.tradeup.com/news/4ca7c600d474baab31a0389feb9440dd","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970077286,"type":1,"supId":0,"prevId":0,"content":"😊","text":"😊","html":"😊"},{"id":106355168,"gmtCreate":1683776774877,"gmtModify":1683776776486,"authorId":4107677693993300,"author":{"id":4107677693993300,"idStr":"4107677693993300","authorId":4107677693993300,"name":"AlanTiger","avatar":"https://community-static.tradeup.com/news/331fd38b2225a1f71b34067a439890f6","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.97%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970077286,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":9947033703,"gmtCreate":1682330783702,"gmtModify":1682330787926,"author":{"id":"3557831813182222","authorId":"3557831813182222","name":"BotakGuy","avatar":"https://community-static.tradeup.com/news/022cac584c2e108f4c8bfef1e94aa79d","vip":1,"hat":"https://static.tigerbbs.com/f84859c65fc2d7681e28f6b8e9b0535a","crmLevel":6,"crmLevelSwitch":1,"idStr":"3557831813182222","authorIdStr":"3557831813182222"},"htmlText":"Then DBS should buy all&nbsp;","listText":"Then DBS should buy all&nbsp;","text":"Then DBS should buy all","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947033703","repostId":1109697847,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":2,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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