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Pan-Asian retail conglomerate (Jardine Matheson group) operating supermarkets, convenience stores and health/beauty chains.
Pan-Asian retail conglomerate (Jardine Matheson group) operating supermarkets, convenience stores and health/beauty chains.
Earns the retail margin on groceries, convenience items and health and beauty products sold in its own stores, with rent and staff the main fixed costs, so sales per store and the mix of formats matter more than any single product. Jardine Matheson, the Asian conglomerate, controls the company, which has been pruning weaker businesses.
In one line: A pan-Asian retail conglomerate - supermarkets, convenience & drugstores.
Moat: narrow (scale, brand, distribution). Established multi-format retail brands and store density across Asian markets, backed by Jardine Matheson group.
Headquarters: Hong Kong · Founded: 1973 · Employees: 79,000
Size DFI Retail (D01.SI) is a Singapore Consumer Staples company (Food Retail) with a market value of $5.06B, the 23rd largest of 186 Singapore companies the cockpit tracks. Shares closed at S$3.73 on 6 Nov 2026.
Performance Over six months the shares fell 10.6%, against +8.8% for the median peer and -1.2% for the Singapore market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 2.6% over the last twelve months (peer median +5.5%); the operating margin is 4.2% (peer median 4.1%).
Valuation It trades at 13.2× forward earnings against a peer median of 18.8× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.6 points above its cost of capital (5.9% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$8.62B | S$8.87B | S$8.87B | S$9.17B | S$9.17B |
| Revenue growth | — | 0% | -3% | 0% | — |
| Gross profit | S$3.17B | S$3.23B | S$3.20B | S$3.18B | S$3.03B |
| EBITDA | S$1.15B | S$1.21B | S$1.19B | S$1.13B | S$1.05B |
| Net income | S$390M | S$235M | -S$244M | S$32.2M | -S$115M |
| Free cash flow | S$949M | S$986M | S$820M | S$870M | S$716M |
| Capital expenditure | S$178M | S$149M | S$173M | S$196M | S$244M |
| Total debt | n/a | S$2.37B | S$3.50B | S$3.77B | S$3.97B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DFI Retail D01.SI | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% |
| Sheng Siong OV8.SI | $2.77B | -22% | +10% | 10% | 21.6× | -1.6% |
| Seven & I 3382.T | $31.7B | +16% | -11% | 4% | 17.4× | 4.0% |
| Alimentation Couche-Tard ATD.TO | $54.5B | +5% | +12% | 6% | 18.3× | 1.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | D01.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.3% | +4.8% | 2nd highest of 21 |
| 6-month return | -10.6% | +8.8% | 6th lowest of 21 |
| Distance from 52-week high | -22.6% | -16.0% | 8th lowest of 21 |
| Revenue growth (TTM) | -2.6% | +5.5% | 5th lowest of 21 |
| Operating margin | 4.2% | 4.1% | 11th highest of 21 |
| Forward P/E | 13.2× | 18.8× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.4% | 3.2% | 10th least demanding of 20 |
| Growth delivered (Del g) | -2.9% | +6.4% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | +2.5 pp | -6.6 pp | 6th most demanding of 20 |
| ROIC minus cost of capital | +6.6 pp | +3.5 pp | 7th highest of 20 |
| EV / EBITDA | 6.2× | 8.2× | 3rd cheapest of 18 |
| Net debt / EBITDA | 1.9× | 1.9× | 9th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% | -2.9% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 11.3× | -4.0% | +6.4% |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 21.9× | -4.8% | +10.1% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 7.0× | -3.0% | +3.6% |
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 24.3× | 3.2% | +10.7% |
| President Chain Store 2912.TW | Taiwan | $6.62B | -6% | +5% | 4% | 17.0× | 3.3% | +6.3% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 273.4× | n/a | n/a |
| Ocado OCDO.L | United Kingdom | $3.73B | +77% | -42% | 3% | n/a | 39.1% | -9.9% |
| Guming 1364.HK | Hong Kong | $7.08B | -4% | +47% | 25% | 14.8× | -4.1% | +29.4% |
| Empire EMP-A.TO | Canada | $7.85B | +7% | +2% | 4% | 13.6× | -2.7% | +2.5% |
| Zabka ZAB.WA | Poland | $8.11B | +41% | +14% | 8% | 25.3× | 6.3% | +19.3% |
| Distribuidora Internacional de Alimentacion DIA.MC | Spain | $3.15B | +25% | +2% | 3% | 32.6× | 4.9% | -3.6% |
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% | +32.1% |
| Kusuri No Aoki 3549.T | Japan | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% | +13.1% |
| Sheng Siong OV8.SI | Singapore | $2.77B | -22% | +10% | 10% | 21.6× | -1.6% | +2.4% |
| Dino Polska DNP.WA | Poland | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% | +27.1% |
| Blue Zones 417A.T | Japan | $2.56B | +11% | +12% | 4% | 15.8× | -4.0% | +9.9% |
| J Sainsbury SBRY.L | United Kingdom | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% | +3.0% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| Kesko KESKOA.HE | Finland | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% | +3.2% |
| Shanghai Bailian 600827.SS | China | $1.99B | -5% | -9% | -2% | 15.9× | -3.5% | -6.7% |