Alfie Yeo of RHB Bank Singapore has raised his target price for DFI Retail Group from to US$3.03 form US$2.79 following the retailer's sale of its Singapore supermarket businesses.
"We believe the recent divestment of its Singapore food business will reduce the long-term earnings drag. We continue to anticipate an earnings recovery into FY2025," says Yeo in his April 2 note.
DFI Retail, part of the Hong Kong-based conglomerate Jardine Matheson, is selling Cold Storage and Giant chain of supermarkets to Malaysia's Macrovalue for $125 million.
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