Brokers’ Take: CGS-CIMB Lowers Target Price of DFI Retail Group With Bumpy Recovery Ahead

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Brokers’ Take: CGS-CIMB Lowers Target Price of DFI Retail Group With Bumpy Recovery Ahead

The Business Times2022-06-27

CGS-CIMB on Monday (Jun 27) lowered its target price for DFI Retail Group to US$2.70 from US$2.93 amid a continued challenging operating environment, though it still maintains a “hold” position on the...

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339742f5
·2022-06-27
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YueShan
·2022-06-27
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Berloh
·2022-06-27
The group has lost its directions out of the HK market. Will they relook at their value proposition in Singapore and Malaysia?
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href=https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-lowers-target-price-of-dfi-retail-group-with-bumpy-recovery><strong>The Business Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>CGS-CIMB on Monday (Jun 27) lowered its target price for DFI Retail Group to US$2.70 from US$2.93 amid a continued challenging operating environment, though it still maintains a “hold” position on the...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-lowers-target-price-of-dfi-retail-group-with-bumpy-recovery\">Source 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they believe a “bumpy path to recovery” still lies ahead for DFI.The analysts foresee “significant” challenges to near-term border reopening.“We further delay our recovery expectations for DFI’s Health and Beauty segment (which were) the biggest earnings contributor for DFI pre-Covid, as we think it is unlikely to see a meaningful return of Chinese tourists in FY2022,” they add.Additionally, the research team predicts weaker margins for DFI in FY2022 due to various macro challenges including higher pandemic-related costs, supply chain constraints and higher utility expenses.Also noting DFI’s intent to further invest in e-commerce, the analysts expect “elevated” expenses in the medium term and forecast DFI’s operating margin to see further compression of 1.1 percentage points year on year in FY2022 and operating profit to reduce by 32 percent year on year.While the research team sees upside in the potential turnaround in DFI’s associate Yonghui with a forecasted return to profitability in FY2022, they believe it is “not enough to turn the tide”, and expect DFI’s net profit to fall 17 percent year-on-year in FY2022.Shares of DFI were trading at US$2.92, down US$0.05 or 1.7 percent, as at 10.40 am on 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