Dairy Farm International
Price target:
RHB “neutral” US$4.78
DBS Group Research “buy” US$5.02
CGS-CIMB “add” US$5.40

RHB downgrades but ongoing transformation reason for others to stay positive

RHB Group Research has downgraded Dairy Farm International to “neutral” from “buy”. This follows the retailer’s FY2020 ended December 2020 earnings released on March 11, where it posted 14% lower earnings of US$276 million ($371.4 million) compared to the US$321 million in FY2019, after being impacted by the Covid-19 pandemic.

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