Broker: CGS International
Date of Report: June 17, 2026

Excerpt from CGS International report

Report Summary

• Stock Focus: DFI Retail Group (DFI SP)
• Action: ADD (Buy)
• Target Price: US\$5.50
• Current Price: US\$3.76
• Upside: 46.3%
• Key Idea: The broker reiterates an ADD (Buy) call on DFI Retail Group after a 20% pullback in share price, seeing this as a buying opportunity. They are confident in management’s execution and expect delivery towards the higher end of FY26F net profit guidance (US\$270m-300m). Re-rating catalysts include upcoming portfolio actions and a strong 1H26 results set.
• Key Highlights:
  • DFI’s parent Jardine Matheson set a 2030 target of at least 9% p.a. 5-year total shareholder return (TSR), a US\$4bn capital recycling programme, and portfolio diversification towards OECD markets.
  • Jardine’s CEO to personally invest US\$20m into company shares and commits at least 50% of his short-term incentives in shares until 2030.
  • DFI is pursuing acquisition opportunities, particularly to scale its high-margin retail media platform DFIQ.
  • Downside risks include macroeconomic weakness and competition affecting margins.
• Ticker: DFI SP

above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com