External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dairy Farm International Holdings / Equity Bottom-Up

Dairy Farm International Holdings (DFI SP)

<ul><li>Reading the lines and between the lines of DFI’s 1Q23 business update, it would appear that the overall business is building on the positive momentum that was heard during its FY22 analyst briefing.</li><li>Maintain BUY on DFI with target price of US$3.72.</li><li>DFI Retail Group (SGX:D01) provided a 1Q23 business update which was barren of numbers but instead expressed broad management commentary on the various business segments’ performance during the quarter as summarised in the table below.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Reading the lines and between the lines of DFI’s 1Q23 business update, it would appear that the overall business is building on the positive momentum that was heard during its FY22 analyst briefing.Maintain BUY on DFI with target price of US$3.72.DFI Retail Group (SGX:D01) provided a 1Q23 business update which was barren of numbers but instead expressed broad management commentary on the various business segments’ performance during the quarter as summarised in the table below.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DFI Retail Group - The Tea Leaves Indicate Mostly Positive Momentum