Dairy Farm International (DFI)

STI retreats from resistance

SINGAPORE (Sept 20): The confluence of the 50-, 100- and 200-day moving averages at 3,216 to 3,244 range provided resistance for the Straits Times Index, which was not able to move above this area. Instead, the index retreated as the 50-day moving average crossed below the 200-day moving average. In addition, quarterly momentum – which had tested its equilibrium line – is also retreating.

STI with moving averages and momentum

Safe-haven play gold crosses US$1,500; Jardine family stocks hit by Hong Kong woes

SINGAPORE (Aug 12): Amid the market volatility, investors are seeking refuge in safe-haven asset classes. Gold rallied above US$1,500 an ounce — the highest level since 2013, extending a 17% gain since the start of the year. Silver surged as well. “Turbulent geopolitical conditions along with shaky economic fundamentals have enacted sharp bearish pressures on risk assets while raising bullion appeal for the current term,” writes Phillip Futures analyst Benjamin Lu in his Aug 7 note.

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More time needed for Dairy Farm's restructuring to show results

SINGAPORE (Mar 4): Analysts are keeping a neutral stance on Dairy Farm, a member of the Jardine Matheson Group, following its FY18 results announcement.

Dairy Farm posted a 4% rise in sales to US$11.7 billion while underlying profit rose 5% to US$424 million. Net non-trading charge totalled US$332 million, which included a US$453 million restructuring charge for the Food business in Southeast Asia but was partially offset by a net gain of US$121 million principally in relation to business and property disposals.

Jardine Strategic and Jardine Matheson report lower FY18 earnings of US$1.84 bil and US$1.73 bil

SINGAPORE (Feb 28): Jardine Strategic Holdings and Jardine Matheson Holdings, both members of the Jardines group of companies, reported 57% and 56% lower FY18 earnings of US$1.84 billion and US$1.73 billion respectively.

However underlying net profit for Jardine Strategic and Jardine Matheson were up 14% to US$1.78 billion and 10% to US$1.7 billion respectively compared with the prior year.

Dairy Farm's long term prospects intact but opex expected to stay high over next 2 years: RHB

SINGAPORE (July 30): RHB Research is downgrading Dairy Farm International (DFI) to “neutral” from “buy” with a lower target price of US$9.60.

In a Monday report, RHB analyst Juliana Cai says, “While we are positive on long-term prospects, we expect to see operational expenditure remaining high over the next 12-24 months as it restructures and invest in stores and IT infrastructure.”

To recap, DFI reported a 6% in 1H18 earnings to US$225 million ($306.2 million) from its 1H17 restated earnings of US$212 million.

Dairy Farm posts 6% growth in 1H earnings to $306.2 mil on higher sales

SINGAPORE (July 26): Dairy Farm International (DFI), a member of the Jardine Matheson Group, announced earnings of US$225 million ($306.2 million) for the half-year ended June, up 6% from its 1H17 restated earnings of US$212 million a year ago on higher consolidated sales.  

An unchanged interim dividend of 6.5 US cents per share has been declared for the period under review.

Supermarkets poised to be key beneficiaries of rising consumer sentiment

SINGAPORE (May 31): CGS-CIMB Securities is upgrading Singapore’s consumer staples sector to “overweight”, from “neutral” previously, on the back of expectations of improving retail sales.

Continuing from a 1.8% growth last year, Singapore’s retail sales index (RSI) excluding motor vehicles rose 2.6% in Mar 2018.

“The RSI typically tracks the GDP growth rate, and given our in-house GDP growth forecast of 3.2% in 2018F, we believe Singapore’s retail sales are on a better footing in 2018F,” says lead analyst Cezzane See in a report on Wednesday.

Can new CEO save Dairy Farm from cold storage in Southeast Asia?

SINGAPORE (Mar 27): Dairy Farm International is turning to its new CEO Ian McLeod to save the day.

With more than 30 years of experience in the retail sector under his belt, McLeod is best known for breathing life back into Australia’s ailing supermarket giant Coles.

Last year, DFI saw its full-year earnings tumble 14% to US$404 million ($529 million) on the back of weakness across the group’s supermarket and hypermarket businesses in Southeast Asia.

Dairy Farm kept at 'hold' despite scaling up in Philippines

SINGAPORE (Mar 26): CIMB Research is keeping its “hold” call on Dairy Farm International with an unchanged price target of US$8.40 pending further details on the gearing up of its business in the Philippines.

To recap, DFI is planning to acquire an 18.25% stake in Philippines-based Robinsons Retail Holdings Inc (RRHI) in a deal worth close to US$520 million ($684 million).

Jardine Matheson 1H earnings more than double to US$2.1 bil

SINGAPORE (Aug 5): Jardine Matheson, the Hongkong-based diversified business group focused principally on Asia, reported 1H17 earnings ended June of US$2.1 billion ($2.9 billion) compared with US$984 million in 1H16.

The group’s underlying profit for the first six months of 2017 rose 20% to US$765 million, and underlying earnings per share were up 20% at US$2.04.

Shares in Jardine Matheson closed 20 cents higher at US$64 on Friday.

The group has declared an interim dividend of 40 US cents per share.

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