Broker Name: CGS International
Date of Report: March 12, 2026
Excerpt from CGS International report.
Report Summary
- CGS International remains positive on DFI Retail Group, raising the target price to US\$5.50 due to increased confidence in management’s execution and potential accretive acquisitions.
- DFI is driving customer footfall with innovative initiatives like tech-based assessments at Guardian and premium collectibles at 7-Eleven, and is also prioritizing flexible sourcing to protect margins amid volatility.
- The company is focused on scaling its retail media business, targeting 1% of FY28F revenues at high margins, and is making ESG progress with a commitment to halve carbon emissions by 2030 and achieve net zero by 2050.
- Expansion in Indonesia and possibly Vietnam is planned for the Health & Beauty segment, while the group has completed major divestments and is now focused on profit improvements.
- Key risks include macroeconomic weakness and competitive pressures, but execution and transformation initiatives are expected to drive further re-rating and growth.
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
