Broker: DBS Group Research
Date of report: 22 April 2026

Excerpt from DBS Group Research report.

Report Summary

• Stock: DFI Retail Group Holdings Ltd (DFI SP)
• Action: BUY (Maintained)
• Target Price: USD 5.00
• Key Highlights:
  • Underlying profit from continuing business grew by 49% year-on-year in 1Q26, ahead of the estimated 22% full-year growth for FY26F.
  • Growth driven by strong performance in Convenience, Food, Home Furnishing segments and lower financing costs following debt repayment.
  • Company reaffirmed FY26 guidance for underlying profit of USD 270–300mn, supported by 2–3% organic revenue growth.
  • Maintain BUY rating as strong segmental performance offsets margin pressure in Health & Beauty.

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