RHB Group Research has downgraded Dairy Farm to “neutral” from “buy”, while analysts from DBS Group Research and CGS-CIMB have maintained “buy” or “add” on the supermarket convenience store operator following the release of its FY2020 results on March 11.

Dairy Farm, for the FY2020 ended December, posted 14% lower earnings of US$276 million ($371.4 million) compared to the US$321 million in FY2019, which was mainly attributable to the negative impact brought about by the Covid-19 pandemic.

Despite the downgrade, the Singapore research team at RHB has upped its target price estimate on Dairy Farm to US$4.78 from US$4.47.

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