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. 

“We like Dairy Farm’s position as the largest retailer in Asia ex-Japan with its strong market presence in China, Hong Kong, Taiwan, India and ASEAN giving it exposure to both developed and emerging markets,” he says.

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