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 recommendation, no change)
- Target Price: US\$5.50 (current price: US\$3.76; upside: 46.3%)
- Key Idea: Recent share price pullback presents a buying opportunity. The stock is down 20% since its recent peak, but fundamentals remain strong. Management is confident in achieving the higher end of FY26F net profit guidance (US\$270m-300m).
- Catalysts: Announcement of portfolio actions and strong 1H26 results expected in the last week of July.
- Highlights:
- Jardine Matheson (parent) targets at least 9% annualised 5-year TSR, 5% dividend growth, and US\$4bn capital recycling by 2030.
- DFI Retail Group is pursuing acquisition opportunities to scale its high-margin retail media platform, DFIQ.
- Downside risks include prolonged macroeconomic weakness and margin pressures from competition.
- Financials: Dec-26F Net Profit: US\$299.8m; Normalised EPS Growth: 10.9%; Dividend Yield: 4.12%.
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
