|Bid||6.96 x 0|
|Ask||6.99 x 0|
|Day's range||6.95 - 7.10|
|52-week range||6.70 - 9.94|
|Beta (3Y monthly)||0.08|
|PE ratio (TTM)||102.35|
|Earnings date||24 Jul 2019 - 30 Jul 2019|
|Forward dividend & yield||0.21 (2.90%)|
|1y target est||9.61|
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SINGAPORE (May 30): RHB Group Research is downgrading Dairy Farm International Holdings to “neutral” from “buy” as its share price edges closer to the target price of US$8.25.“In view of the escalating uncertainties brought forth by the ongoing US-China trade war, and that the share price has rebounded from the low of US$7.34 in March this year, we think the stock is now fairly valued,” says analyst Juliana Cai in a Wednesday report.“In terms of valuation the stock is now trading at 22x FY19F P/E, similar to the peer average,” she adds.While Dairy Farm’s Health & Beauty segment continued to deliver stellar results in 1Q19 across most markets, Cai warns that the segment could see slower growth in 2H19 – if consumer sentiment worsens amid rising geopolitical tensions.“We note that total medicines and cosmetics retail sales in the Hong Kong market only grew 2.3% y-o-y in 1Q19,” Cai says. “Moreover, consumer confidence in Mainland China seemed to have been impacted by the US-China trade war, with retail sales growth slowing more than expected to 7.2% y-o-y in April 2019.”The trade tensions are also expected to cap growth from Dairy Farm’s associates.For instance, consensus is still bullish on the performance of Dairy Farm’s 20%-owned Yonghui, which registered a 38% growth in its core PATMI.Cai says the escalation of US-China trade tensions and the resulting depreciation of the Chinese yuan] could cap its contribution to Dairy Farm, when translated to the group’s reporting currency, the US dollar.“[Dairy Farm’s] share price is likely to stay rangebound,” Cai says, adding that investors should “wait for bargain sales”.As at 3pm, shares in Dairy Farm are trading 1.5% down at US$7.71. This implies an estimated price-to-earnings (PE) ratio of 21.6 times and a dividend yield of 2.8% for FY19F.
Dairy Farm International Holdings (Dairy Farm), a leading pan-Asian retailer, operates over 9,700 outlets across 11 Asian countries as at 31 December 2018. The group’s food segment, which consists of businesses in supermarkets/ hypermarkets and convenience stores comprising internationally well-known brands such as Cold Storage, Giant and 7-Eleven, collectively constituted around 70.2 percent of its top-line in FY18. The remaining revenue came from the group’s health and beauty, restaurants and home furnishings segments each contributing 14.7 percent, 11.8 percent and 3.3 percent respectively.