DFI Retail Group (DFIRG USD) saw its stock soar 3.08% in intraday trading, as investors reacted positively to the company's recent dividend increase and strong profit growth. The pan-Asian retailer, which operates popular brands such as Giant, Cold Storage, Guardian Health and Beauty, and 7-Eleven, has demonstrated resilience and growth in its latest financial results.
According to the company's 2024 financial report, DFI Retail Group significantly boosted its dividend payout, increasing it by 31% year-on-year from US$0.08 to US$0.105. This substantial dividend hike comes on the back of impressive profit growth, with the company's underlying net profit climbing 30% year-on-year to US$201 million. The strong financial performance and generous dividend increase have likely contributed to the positive sentiment among investors.
Adding to the bullish outlook, technical analysis from Phillip Securities Research suggests potential upside for DFI Retail Group's share price. Analyst Zane Aw noted that the stock has recently rebounded and is showing signs of a bullish reversal. The share price has consolidated within a bull flag pattern and is holding above key moving averages, indicating the potential for further gains. If the stock breaks out of its current downtrend channel, it could potentially rise to US$2.41, according to the analyst's projections.
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