DFI Retail Group Holdings (SG:D01)
SGX:D01
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DFI Retail Group Holdings
(SGX:D01)
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Rating:60Neutral
Price Target:
$4.00
▼(-1.72% Downside)
Action:N/A
Date:06/15/26
The score is anchored by solid cash generation and improved earnings outlook from the latest guidance, but is held back by elevated balance-sheet risk and weak current price trend (below key moving averages with negative MACD). The very high dividend yield helps support the overall result despite a not-cheap P/E.
Positive Factors
Cash generation
Consistently strong operating and free cash flow gives the group durable internal funding for reinvestment, dividends and debt reduction. Reliable cash conversion supports capital allocation choices and resilience through cycles, enabling strategic investments and shareholder returns over months to years.
Negative Factors
High leverage / compressed equity
Very elevated leverage and a sharply reduced equity base materially increase refinancing, interest-rate and covenant risk. Balance-sheet fragility limits strategic optionality and raises the cost of capital, making sustained investment or acquisition-led growth more challenging over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistently strong operating and free cash flow gives the group durable internal funding for reinvestment, dividends and debt reduction. Reliable cash conversion supports capital allocation choices and resilience through cycles, enabling strategic investments and shareholder returns over months to years.
Read all positive factors
DFI Retail Group Holdings (D01) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$4.98B
Dividend Yield2.29%
Average Volume (3M)697.47K
Price to Earnings (P/E)20.4
Beta (1Y)0.46
Revenue Growth>-0.01%
EPS GrowthN/A
CountrySG
Employees190,000
SectorGeneral
Sector StrengthN/A
IndustryGrocery Stores
Share Statistics
EPS (TTM)0.17
Shares Outstanding1,353,650,800
10 Day Avg. Volume670,180
30 Day Avg. Volume697,466
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)44.45
Price to Sales (P/S)1.39
P/FCF Ratio12.53
Enterprise Value/Market Cap1.46
Enterprise Value/Revenue0.82
Enterprise Value/Gross Profit2.24
Enterprise Value/Ebitda6.04
Forecast
1Y Price Target
$5.25Price Target Upside28.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.21
Revenue Forecast (FY)$8.39B
DFI Retail Group Holdings Business Overview & Revenue Model
Company Description
DFI Retail Group Holdings Limited is a significant retail enterprise spanning the Asian continent. Its extensive activities are structured across five key segments: Food, Health and Beauty, Home Furnishings, Restaurants, and Other Retailing. The c...
How the Company Makes Money
DFI Retail Group primarily makes money by selling consumer goods through its retail banners across several formats. Its main revenue stream is retail sales from company-operated stores and online channels, spanning (i) food retail (supermarkets/hy...
DFI Retail Group Holdings Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone: strong profitability and cash generation, a move to net cash, a very high TSR (93%), clear digital and format-level progress (notably in Health & Beauty and e-commerce), and concrete 2026 guidance. Challenges were acknowledged — modest revenue growth, cigarette-tax impacts on Convenience, competitive subsidy pressure in South China, and an underspend on CapEx — but these were presented as manageable, with remediation plans (CapEx discipline, pivot to RTE, digital monetization). Overall, the positive operational and financial improvements (profit, cash flow, balance sheet and shareholder returns) outweigh the headwinds.Positive Updates
Underlying Profit Strong Growth
Underlying profit rose to $270 million, up 35% year-on-year (or 18% on a restated comparable basis excluding the loss-making Yonghui), delivering the top end of guidance and showing significant margin improvement versus revenue growth.
Negative Updates
Modest Revenue Growth
Top-line growth was modest at +0.5% organically for core subsidiaries, indicating recovery is still gradual and revenue momentum remains fragile despite stronger profit growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Underlying Profit Strong Growth
Underlying profit rose to $270 million, up 35% year-on-year (or 18% on a restated comparable basis excluding the loss-making Yonghui), delivering the top end of guidance and showing significant margin improvement versus revenue growth.
Read all positive updates
Company Guidance
Management guided 2026 organic revenue growth of 2–3% (excluding Singapore Food) and underlying profit of $270m–$300m (implying c.13–25% growth versus a restated $230m 2024 base), with CapEx planned at $200m–$220m (roughly 50% on new stores/refurbs, 25–30% on digital & IT; ~65% of spend focused on Health & Beauty and Convenience), a 70% dividend payout policy (ordinary dividend was $0.14/share in 2025; a $0.4430 special dividend was paid last year), ROCE targeted to rise from 9.4% to 11–13% in 2026 on the way to a 15% goal by 2028, and continued emphasis on cash generation after 2025 free cash flow of $281m and operating cash flow of ~$430m following ~$1bn of divestment proceeds and returns to shareholders (total $740m, including $600m special).DFI Retail Group Holdings Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
34
Negative
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.87B | 8.87B | 9.17B | 9.17B | 9.19B |
| Gross Profit | 3.25B | 3.23B | 3.21B | 3.03B | 3.01B |
| EBITDA | 1.21B | 695.50M | 997.70M | 1.11B | 1.20B |
| Net Income | 234.70M | -244.50M | 32.20M | -114.60M | 102.90M |
Balance Sheet | |||||
| Total Assets | 4.65B | 7.27B | 7.11B | 7.33B | 7.60B |
| Cash, Cash Equivalents and Short-Term Investments | 168.70M | 273.80M | 303.40M | 230.70M | 210.40M |
| Total Debt | 2.37B | 3.50B | 3.77B | 3.97B | 4.01B |
| Total Liabilities | 4.36B | 6.68B | 6.12B | 6.38B | 6.34B |
| Stockholders Equity | 278.10M | 581.40M | 980.20M | 947.10M | 1.27B |
Cash Flow | |||||
| Free Cash Flow | 986.10M | 799.90M | 847.30M | 696.10M | 730.30M |
| Operating Cash Flow | 1.10B | 972.90M | 1.04B | 939.80M | 942.30M |
| Investing Cash Flow | 849.90M | -63.60M | -94.60M | -201.00M | -124.70M |
| Financing Cash Flow | -2.06B | -930.40M | -867.60M | -728.30M | -841.30M |
DFI Retail Group Holdings Peers Comparison
UnderperformOutperform
Sector (55)
SG:D01
DFI Retail Group Holdings
3.68
1.47
66.67%
SG:AZT
NutryFarm International
0.09
0.00
0.00%
SG:T4B
Sino Grandness Food Industry Group Limited
―
―
―
SG:OV8
Sheng Siong Group Ltd.
3.26
1.42
77.37%
DFI Retail Group Holdings Corporate Events
DFI Retail Group refreshes board with appointment of private equity veteran Irene Liu
May 8, 2026
DFI Retail Group Holdings has appointed private equity veteran Irene Liu as a Non-Executive Director to its board, effective 8 May 2026, bringing over two decades of investment experience across Greater China and Asia Pacific. Liu’s backgrou...
DFI Retail Group Wins Full Shareholder Backing at 2026 AGM
May 7, 2026
DFI Retail Group Holdings Limited announced that all resolutions proposed at its Annual General Meeting held on 7 May 2026 were duly passed by shareholders. The non-routine resolutions have been filed with the UK Financial Conduct Authority and wi...
DFI Retail Group Sets 2025 Final Dividend and Sterling Equivalent
Apr 29, 2026
DFI Retail Group Holdings has declared a 2025 final dividend of 10.50 U.S. cents per share, with a sterling equivalent of 7.7711 pence, reflecting the company’s ongoing commitment to shareholder returns. The dividend is scheduled to be paid ...
DFI Retail Group lifts Q1 profit, reaffirms 2026 guidance on cost discipline and digital gains
Apr 21, 2026
DFI Retail Group reported a resilient first quarter of 2026, with underlying subsidiary sales from continuing businesses excluding cigarettes up 4% year-on-year in constant currency and like-for-like sales up 3%, driven by strong growth in Health ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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