Singapore Consumption Shift to Health, Beauty Could Boost DFI Retail Group

Dow Jones01-08

The shift in Singapore's consumption toward the health and beauty segment is likely to benefit DFI Retail Group given its exposure to this area, DBS Group Research's Zheng Feng Chee and Andy Sim say in a note.

The country's nondiscretionary spending grew 4% on year in the first 10 months of 2025, which the analysts attribute to government vouchers and consumers' higher preference for health and beauty products over apparel.

A broader wellness trend is likely to continue supporting health and beauty spending, Chee and Sim say.

Singapore-listed DFI, which operates brands across food, health and beauty and convenience stores, also has a more attractive valuation than retail peer Sheng Siong Group, the analysts add.

DBS maintains a buy rating and US$4.50 target on DFI, which rises 0.8% to US$3.93.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2601336398?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-01-08 10:14","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2601336398","market":"sh","top_or_hot":-1,"title":"Singapore Consumption Shift to Health, Beauty Could Boost DFI Retail Group","media":"Dow Jones","content":"<html><head></head><body><p>The shift in Singapore&#39;s consumption toward the health and beauty segment is likely to benefit <a href=\"https://laohu8.com/S/D01.SI\">DFI Retail Group</a> given its exposure to this area, DBS Group Research&#39;s Zheng Feng Chee and Andy Sim say in a note. </p><p>The country&#39;s nondiscretionary spending grew 4% on year in the first 10 months of 2025, which the analysts attribute to government vouchers and consumers&#39; higher preference for health and beauty products over apparel. </p><p>A broader wellness trend is likely to continue supporting health and beauty spending, Chee and Sim say. </p><p>Singapore-listed DFI, which operates brands across food, health and beauty and convenience stores, also has a more attractive valuation than retail peer <a href=\"https://laohu8.com/S/SHSGF\">Sheng Siong</a> Group, the analysts add. </p><p>DBS maintains a buy rating and US$4.50 target on DFI, which rises 0.8% to US$3.93. </p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Consumption Shift to Health, Beauty Could Boost DFI Retail Group</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore Consumption Shift to Health, Beauty Could Boost DFI Retail Group\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-01-08 10:14</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The shift in Singapore&#39;s consumption toward the health and beauty segment is likely to benefit <a href=\"https://laohu8.com/S/D01.SI\">DFI Retail Group</a> given its exposure to this area, DBS Group Research&#39;s Zheng Feng Chee and Andy Sim say in a note. </p><p>The country&#39;s nondiscretionary spending grew 4% on year in the first 10 months of 2025, which the analysts attribute to government vouchers and consumers&#39; higher preference for health and beauty products over apparel. </p><p>A broader wellness trend is likely to continue supporting health and beauty spending, Chee and Sim say. </p><p>Singapore-listed DFI, which operates brands across food, health and beauty and convenience stores, also has a more attractive valuation than retail peer <a href=\"https://laohu8.com/S/SHSGF\">Sheng Siong</a> Group, the analysts add. </p><p>DBS maintains a buy rating and US$4.50 target on DFI, which rises 0.8% to US$3.93. </p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6112","symbol_name":"综合性银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2601336398","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2601336398","pubTimestamp":1767838440,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0214 GMT - The shift in Singapore's consumption toward the health and beauty segment is likely to benefit DFI Retail Group given its exposure to this area, DBS Group Research's Zheng Feng Chee and Andy Sim say in a note. The country's nondiscretionary spending grew 4% on year in the first 10 months of 2025, which the analysts attribute to government vouchers and consumers' higher preference for health and beauty products over apparel. A broader wellness trend is likely to continue supporting health and beauty spending, Chee and Sim say. Singapore-listed DFI, which operates brands across food, health and beauty and convenience stores, also has a more attractive valuation than retail peer Sheng Siong Group, the analysts add. DBS maintains a buy rating and US$4.50 target on DFI, which rises 0.8% to US$3.93. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6112":"综合性银行","LU0955623706.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) ACC","LU1497733631.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD","SG9999002679.SGD":"LionGlobal Singapore Balanced SGD","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0877626530.USD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (USD) INC MONTHLY (G)","SG9999014302.SGD":"RHB Singapore Income Fund SGD","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","LU0955648018.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) INC MF","IE00BYQNZ168.SGD":"PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY \"A5CP\" (SGD) ACC","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","IE0031814969.USD":"FSSA ASEAN ALL CAP FUND \"I\" (USD) ACC","LU2238330802.EUR":"AZ EQUITY - ASEAN COUNTRIES \"AAZ\" (EUR) ACC","LU1634259557.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD-H","SG9999008742.SGD":"Eastspring Investments Unit Trusts - Singapore ASEAN Equity SGD","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","SGXZ43160589.SGD":"UNITED SG DYNAMIC INCOME FUND \"A\" (SGD) ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0737861269.HKD":"FIDELITY ASEAN \"A \" (HKD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0557290698.USD":"施罗德环球可持续增长基金","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","SG9999005177.SGD":"Legg Mason Martin Currie - Southeast Asia Trust A Acc SGD","LU0205439572.USD":"富达亚太股息基金","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU1497733557.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) INC A","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0971096721.USD":"富达环球金融服务 A","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","D01.SI":"牛奶国际控股有限公司","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0048573645.USD":"富达东盟基金","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","BK6516":"银行与投资服务概念","SG9999014492.USD":"NIKKO AM ASEAN EQUITY \"A\" (USD) ACC","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","SG9999014484.SGD":"Nikko AM ASEAN Equity Fund A SGD","SG9999002414.USD":"LIONGLOBAL SINGAPORE TRUST (USD) ACC"},"translate_title":"新加坡消费转向健康和美容可能会提振DFI零售集团","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"D01.SI":1.5},"content_text":"The shift in Singapore's consumption toward the health and beauty segment is likely to benefit DFI Retail Group given its exposure to this area, DBS Group Research's Zheng Feng Chee and Andy Sim say in a note. The country's nondiscretionary spending grew 4% on year in the first 10 months of 2025, which the analysts attribute to government vouchers and consumers' higher preference for health and beauty products over apparel. A broader wellness trend is likely to continue supporting health and beauty spending, Chee and Sim say. Singapore-listed DFI, which operates brands across food, health and beauty and convenience stores, also has a more attractive valuation than retail peer Sheng Siong Group, the analysts add. DBS maintains a buy rating and US$4.50 target on DFI, which rises 0.8% to US$3.93.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601336398","isCrawlerRequest":true}