The incoming CEO, Scott Price, has around two decades of consumer and retail industry experience, working for companies such as Walmart, DHL and Coca-Cola.
“We believe the new CEO will continue to build upon the initiatives undertaken by the outgoing CEO, i.e., expansion of e-commerce platform and revamping of the grocery retail business,” says DBS.
“We continue to believe that there is significant value waiting to be unlocked with the appropriate corporate actions,” adds DBS, citing how DFI is a key beneficiary of China reopening with return of Mainland tourist to Hong Kong to shop for cosmetics.
Its investment thesis is further supported by its sum-of-the-parts analysis which indicated a base case per share equity value of US$5.16.
