Brokers' take

Dairy Farm > Hold DBS Group Research, July 27 July 27 close: US$9.15 Target price: US$9.35

WE believe Dairy Farm's outlook will be relatively slower on higher operating costs; more time needed to turn around the supermarket or hypermarket business; and lower contribution from Yonghui going forward.

Catalysts include faster than expected earnings turnaround from Yonghui and Dairy Farm's core business, but will depend on successful implementation of strategies by new CEO Ian McLeo…