SGX:D01

Stock Analysis Report

Dairy Farm International Holdings

Executive Summary

Dairy Farm International Holdings Limited operates as a retailer in Asia.

Snowflake

Fundamentals

Reasonable growth potential with mediocre balance sheet.

Share Price & News

How has Dairy Farm International Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.5%

SGX:D01

2.6%

SG Consumer Retailing

0.02%

SG Market


1 Year Return

-21.0%

SGX:D01

-14.8%

SG Consumer Retailing

1.0%

SG Market

D01 underperformed the Consumer Retailing industry which returned -14.8% over the past year.

D01 underperformed the Market in Singapore which returned 1% over the past year.


Share holder returns

D01IndustryMarket
7 Day-0.5%2.6%0.02%
30 Day-2.3%0.8%3.1%
90 Day-6.1%-0.6%0.3%
1 Year-18.9%-21.0%-12.2%-14.8%5.2%1.0%
3 Year18.6%9.6%18.4%8.5%22.4%9.2%
5 Year-22.3%-32.1%-13.3%-26.0%13.3%-5.5%

Price Volatility Vs. Market

How volatile is Dairy Farm International Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Dairy Farm International Holdings undervalued based on future cash flows and its price relative to the stock market?

107.77x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Dairy Farm International Holdings's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Dairy Farm International Holdings's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Dairy Farm International Holdings is overvalued based on earnings compared to the Asia Consumer Retailing industry average.

Dairy Farm International Holdings is overvalued based on earnings compared to the Singapore market.


Price Based on Expected Growth

Dairy Farm International Holdings is poor value based on expected growth next year.


Price Based on Value of Assets

Dairy Farm International Holdings is overvalued based on assets compared to the SG Consumer Retailing industry average.


Next Steps

Future Growth

How is Dairy Farm International Holdings expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

39.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Dairy Farm International Holdings's revenue is expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).

Dairy Farm International Holdings's earnings are expected to grow significantly at over 20% yearly.

Dairy Farm International Holdings's revenue growth is positive but not above the Singapore market average.

Dairy Farm International Holdings's earnings growth is expected to exceed the Singapore market average.

Dairy Farm International Holdings's earnings growth is expected to exceed the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Dairy Farm International Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has Dairy Farm International Holdings performed over the past 5 years?

-10.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Dairy Farm International Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.

Dairy Farm International Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Dairy Farm International Holdings's 1-year earnings growth is negative, it can't be compared to the Asia Consumer Retailing industry average.


Return on Equity

Dairy Farm International Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Dairy Farm International Holdings used its assets less efficiently than the Asia Consumer Retailing industry average last year based on Return on Assets.


Return on Capital Employed

Dairy Farm International Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Dairy Farm International Holdings's financial position?


Financial Position Analysis

Dairy Farm International Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Dairy Farm International Holdings's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Dairy Farm International Holdings's level of debt (69.8%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (6.6% vs 69.8% today).

Debt is well covered by operating cash flow (61.9%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 12.9x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1.6x debt.


Next Steps

Dividend

What is Dairy Farm International Holdings's current dividend yield, its reliability and sustainability?

3.23%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Dairy Farm International Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.59%).

Dairy Farm International Holdings's dividend is below the markets top 25% of dividend payers in Singapore (5.51%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (0.3x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.7x coverage).


Next Steps

Management

What is the CEO of Dairy Farm International Holdings's salary, the management and board of directors tenure and is there insider trading?

1.2yrs

Average management tenure


CEO

Ian James McLeod (60yo)

1.8yrs

Tenure

Mr. Ian James Winward McLeod is Director of Yonghui Superstores Co., Ltd. Mr. McLeod has been Group Chief Executive and Director at Dairy Farm International Holdings Limited since September 18, 2017. Mr. M ...


Management Age and Tenure

1.2yrs

Average Tenure

60yo

Average Age

The average tenure for the Dairy Farm International Holdings management team is less than 2 years, this suggests a new team.


Board Age and Tenure

13.1yrs

Average Tenure

63yo

Average Age

The average tenure for the Dairy Farm International Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

No 3 month individual insider trading information.


Ownership Breakdown


Management Team

  • Ben Keswick (72yo)

    Chairman & MD

    • Tenure: 7.3yrs
  • Ian James McLeod (60yo)

    Group Chief Executive & Director

    • Tenure: 1.8yrs
  • Michael Wu (49yo)

    Chairman & MD of Maxim's Caterers Ltd and Director - Dairy Farm Management

  • Peng Choo

    Chief Executive Officer of North Asia & Group Convenience

    • Tenure: 1.2yrs
  • Sam Kim

    Chief Executive Officer of South East Asia Division

    • Tenure: 1.3yrs
  • Charlie Wood

    Group Counsel

    • Tenure: 12.5yrs
  • Simon McDowell

    Group Chief Customer Officer and CEO of North Asia Health & Beauty

    • Tenure: 1.2yrs
  • Marcus Spurrell

    Chief Digital Officer

    • Tenure: 0.8yrs
  • Judith Nelson

    Group Human Resources Director

    • Tenure: 1.0yrs

Board Members

  • Mark Spencer Greenberg (50yo)

    Non-Executive Director

    • Tenure: 13.1yrs
  • Ben Keswick (72yo)

    Chairman & MD

    • Tenure: 6.2yrs
  • Ian James McLeod (60yo)

    Group Chief Executive & Director

    • Tenure: 1.8yrs
  • George Ho (69yo)

    Director

    • Tenure: 21.5yrs
  • Michael Wu (49yo)

    Chairman & MD of Maxim's Caterers Ltd and Director - Dairy Farm Management

  • Edward Percy Keswick Weatherall (62yo)

    Director

    • Tenure: 19.5yrs
  • Simon Lindley Keswick (76yo)

    Non-Executive Director

    • Tenure: 33.5yrs
  • James Meyer Sassoon (64yo)

    Non-Executive Director

    • Tenure: 6.5yrs
  • Anthony John Liddell Nightingale (72yo)

    Non-Executive Director

    • Tenure: 13.3yrs
  • Adam Phillip Charles Keswick (46yo)

    Director

    • Tenure: 7.3yrs

Company Information

Dairy Farm International Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Dairy Farm International Holdings Limited
  • Ticker: D01
  • Exchange: SGX
  • Founded: 1886
  • Industry: food retail
  • Sector: consumer retailing
  • Market Cap: US$10.213b
  • Shares outstanding: 1.35b
  • Website: Click here

Number of Employees


Location

  • Dairy Farm International Holdings Limited
  • Devon House
  • 11th Floor
  • Quarry Bay
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DFIL.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 1992
DFIJLSE (London Stock Exchange)YesOrdinary SharesGBUSDFeb 1992
DFIBLSE (London Stock Exchange)YesOrdinary SharesGBUSDFeb 1992
D01SGX (Singapore Exchange)YesOrdinary SharesSGUSDFeb 1992
DFA1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 1992
DFIH.YOTCPK (Pink Sheets LLC)UNSPONSORED ADRUSUSDNov 2004

Biography

Dairy Farm International Holdings Limited operates as a retailer in Asia. It operates through four segments: Food, Health and Beauty, Home Furnishings, and Restaurants. The company operates supermarkets an ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/07/19 12:45
End of Day Share Price2019/07/19 00:00
Earnings2018/12/31
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.