Dairy Farm International Holdings’ (DFI) 1HFY2021 ended June results missed consensus forecasts by a wide margin, prompting RHB Group Research to lower their target price to US$4.42 ($5.98) from $4.78 previously.

RHB’s Singapore research team cut their FY2021-2023 forecasts by 31%, 12% and 6% respectively, after DFI’s core patami for 1HFY2021 fell 70% y-o-y to US$32 million, making up only 10% of RHB and consensus forecasts. 

The lower patami was due to a larger-than-expected dip in grocery retail earnings as well persistent weaknesses in DFI’s health and beauty segment.

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