Broker: CGS International

Date of Report: June 17, 2026

Excerpt from CGS International report.

Report Summary

• Stock: DFI Retail Group (DFIR.SI / Bloomberg: DFI SP)
• Action: Add (BUY) – Reiterate Add call
• Target Price: US\$5.50 (implies 46.3% upside from current price US\$3.76)
• Key Highlights:
  • Parent company Jardine Matheson set 2030 targets:
    • At least 9% annualised 5-year TSR
    • 5%+ dividend growth p.a.
    • US\$4bn capital recycling for M&As, dividends, and buybacks
    • US\$500m new share buyback scheme (2027)
  • DFI Retail Group seen as a beneficiary of capital allocation and portfolio actions, focusing on scaling high-margin retail media platform DFIQ
  • Recent 20% share price pullback seen as a buying opportunity
  • 2026 net profit guidance: US\$270–300m
  • Re-rating catalysts: Portfolio action announcements and strong 1H26 results
  • Risks: Prolonged macroeconomic weakness, margin pressure from competition

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