BrokersTake: RHB upgrades Dairy Farm to 'buy' but lowers target price to US$8.25
RHB Research Institute has upgraded its call on bluechip index constituent Dairy Farm International to"buy", but decreased its target price from US$8.64 to US$8.25.
Its analyst, Juliana Cai, believes that Dairy Farm's stock price has reached a trough, presenting an opportunity for"long-term investors to accumulate the stock at its low". As as 3.20pm, Dairy Farm shares were trading at US$7.63, up US$0.22 or 3.0 per cent. But she noted that even though"there is no fast turnaround for its supermarket/hypermarket division", the company is working to"rightsize the business as well as improve prices, offerings and presentation".
To tackle legacy issues facing its food business, Dairy Farm took US$453 million in business restructuring charges during Q4 FY2018. The restructuring contributed to Dairy Farm shares facing a selldown during that quarter. In the year up to March 2019, Dairy Farm's shares have dropped 19 per cent.
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