UOB Kay Hian analyst Adrian Loh has kept “buy” on Dairy Farm International (DFI) as he sees some positivity in the group’s retail sales in Hong Kong, as well as y-o-y sales growths in its food and beverage (F&B) associate Maxim in the 3QFY2021.

That said, Loh has lowered the counter’s target price to US$3.60 ($4.92) from US$4.53 previously due to the “underwhelming” performance seen in 2021.

While the group reported positive figures in FY2020 due to the panic spending and government support, it had a “tough act” to follow in FY2021 following the previous year’s high base.

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