DFI Retail Group Holdings Limited

SGX:D01 Stock Report

Market Cap: US$3.2b

DFI Retail Group Holdings Valuation

Is D01 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of D01 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: D01 ($2.34) is trading below our estimate of fair value ($7.11)

Significantly Below Fair Value: D01 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for D01?

Key metric: As D01 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for D01. This is calculated by dividing D01's market cap by their current earnings.
What is D01's PE Ratio?
PE Ratio26.6x
EarningsUS$119.10m
Market CapUS$3.17b

Price to Earnings Ratio vs Peers

How does D01's PE Ratio compare to its peers?

The above table shows the PE ratio for D01 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.8x
OV8 Sheng Siong Group
17.2x2.4%S$2.5b
VC2 Olam Group
17.9xn/aS$4.4b
SAE Shufersal
21.8xn/a₪9.5b
600827 Shanghai Bailian (Group)
10.4x-34.5%CN¥16.5b
D01 DFI Retail Group Holdings
26.6x23.7%US$3.2b

Price-To-Earnings vs Peers: D01 is expensive based on its Price-To-Earnings Ratio (26.6x) compared to the peer average (16.8x).

Price to Earnings Ratio vs Industry

How does D01's PE Ratio compare vs other companies in the Asian Consumer Retailing Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
D01 26.6xIndustry Avg. 16.5xNo. of Companies31PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: D01 is expensive based on its Price-To-Earnings Ratio (26.6x) compared to the Asian Consumer Retailing industry average (16.5x).

Price to Earnings Ratio vs Fair Ratio

What is D01's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

D01 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.6x
Fair PE Ratio29.3x

Price-To-Earnings vs Fair Ratio: D01 is good value based on its Price-To-Earnings Ratio (26.6x) compared to the estimated Fair Price-To-Earnings Ratio (29.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst D01 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$2.34
US$2.61
+11.7%
13.6%US$3.00US$1.85n/a7
Nov ’25US$2.38
US$2.61
+9.8%
13.6%US$3.00US$1.85n/a7
Oct ’25US$2.18
US$2.56
+17.6%
12.5%US$3.00US$1.85n/a7
Sep ’25US$1.86
US$2.43
+30.6%
13.4%US$2.81US$1.85n/a8
Aug ’25US$1.74
US$2.64
+51.4%
12.2%US$3.13US$2.15n/a8
Jul ’25US$1.91
US$2.64
+38.0%
12.2%US$3.13US$2.15n/a8
Jun ’25US$1.84
US$2.67
+44.8%
10.5%US$3.13US$2.30n/a8
May ’25US$1.95
US$2.67
+36.7%
10.5%US$3.13US$2.30n/a8
Apr ’25US$2.20
US$2.67
+21.1%
10.5%US$3.13US$2.30n/a8
Mar ’25US$2.07
US$3.03
+46.4%
9.6%US$3.49US$2.50n/a7
Feb ’25US$2.06
US$3.22
+56.3%
9.0%US$3.80US$2.90n/a8
Jan ’25US$2.40
US$3.22
+34.2%
9.0%US$3.80US$2.90n/a8
Dec ’24US$2.33
US$3.22
+38.2%
9.0%US$3.80US$2.90n/a8
Nov ’24US$2.13
US$3.30
+54.7%
9.1%US$3.80US$2.90US$2.388
Oct ’24US$2.66
US$3.30
+23.9%
9.1%US$3.80US$2.90US$2.188
Sep ’24US$2.47
US$3.30
+33.4%
9.1%US$3.80US$2.90US$1.868
Aug ’24US$2.64
US$3.30
+24.8%
9.1%US$3.80US$2.90US$1.748
Jul ’24US$2.75
US$3.50
+27.4%
7.3%US$3.80US$3.09US$1.918
Jun ’24US$2.78
US$3.59
+29.0%
9.1%US$4.07US$3.09US$1.848
May ’24US$3.00
US$3.60
+20.1%
8.5%US$4.07US$3.09US$1.959
Apr ’24US$3.03
US$3.62
+19.3%
8.5%US$4.07US$3.09US$2.209
Mar ’24US$3.19
US$2.98
-6.4%
20.9%US$3.90US$2.24US$2.079
Feb ’24US$3.27
US$2.88
-11.9%
18.5%US$3.90US$2.24US$2.069
Jan ’24US$2.93
US$2.77
-5.6%
16.2%US$3.90US$2.24US$2.409
Dec ’23US$2.57
US$2.67
+4.1%
9.2%US$3.07US$2.24US$2.339
Nov ’23US$2.37
US$2.67
+12.6%
7.5%US$2.96US$2.24US$2.139

Analyst Forecast: Target price is less than 20% higher than the current share price.

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