DFI Retail's Earnings Recovery to Pre-Pandemic Levels May be Prolonged -- Market Talk

Dow Jones03-11

0755 GMT - DFI Retail Group's earnings recovery to pre-pandemic levels may be prolonged by structural changes to Hong Kong's retail landscape, CGS International analysts say in a research note. Spending shift by Hong Kong residents to neighbouring Chinese cities could dampen the Singapore-listed retailer's grocery and convenience business in Hong Kong this year, the analysts say. The evolving purchasing behavior of Chinese tourists may also mean more time is required for the retailer's health and beauty sales to recover to 2018 levels, the analysts add. The brokerage maintains the stock's hold rating on the uncertain pace of earnings recovery, and lowers the target price to $2.30 from $2.90 to reflect a valuation rollover. Shares are 0.5% higher at $2.15. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

March 11, 2024 03:55 ET (07:55 GMT)

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