UOB Kay Hian Research analyst Adrian Loh has initiated coverage on Dairy Farm International Holdings with a ‘buy’ rating and a target price of US$5.19 ($6.92), implying 23% upside from current levels.

In a research note dated April 19, Loh says that Dairy Farm is a play on Asia’s developed and emerging markets, with upside from the rising consumer spending power of its middle class. 

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