DFI Retail Group

(16-03-2016, 11:52 PM)smalkmus Wrote: I will keep my hands off DFI for the time being, until they have a clear strategy and action plan on how to counter e-commerce, bringing value to customer in the face of stagnating income growth for people like me in middle class

I reckon, e-commence is not "the" solution for DFI raising cost. E-commence is one of the formats to sell. It is not the "silver bullet", IMO. Physical stores and e-stores have different cost structures, and e-stores not necessary cost lower than physical stores. It is physical store rentals vs logistic fleets and return policy, just to name one.

DFI, should optimize and drive synergy between its multi-format sale channels, which including the e-commence, IMO.

(not vested)

This is the first time i am receiving dividend from Dairy Farm

I received a letter from Dairy Farm asking me if i want to recieve my dividend in United States Dollars or Singapore Dollars. And then mail it back to them

Can i check isnt the dividend to be deposit into my bank account through Direct Credit Service?

Or Dairy Farm actually will mail the cheque to me instead?

(03-04-2016, 09:32 PM)palantir Wrote: This is the first time i am receiving dividend from Dairy Farm

I received a letter from Dairy Farm asking me if i want to recieve my dividend in United States Dollars or Singapore Dollars. And then mail it back to them

Can i check isnt the dividend to be deposit into my bank account through Direct Credit Service?

Or Dairy Farm actually will mail the cheque to me instead?

Same here..i received it too but they asked if you wan to credit in USD OR SGD. What happen if I choose USD but I do not have USD account with dbs. Will the bank auto convert? Anyone can share

Thanks

(04-04-2016, 08:20 AM)oinkoink1999 Wrote:

(03-04-2016, 09:32 PM)palantir Wrote: This is the first time i am receiving dividend from Dairy Farm

I received a letter from Dairy Farm asking me if i want to recieve my dividend in United States Dollars or Singapore Dollars. And then mail it back to them

Can i check isnt the dividend to be deposit into my bank account through Direct Credit Service?

Or Dairy Farm actually will mail the cheque to me instead?

Same here..i received it too but they asked if you wan to credit in USD OR SGD. What happen if I choose USD but I do not have USD account with dbs. Will the bank auto convert? Anyone can share

Thanks

They'll just send you a cheque in USD, and your bank will auto convert (according to their rates) when you bank it in.

This is mentioned in the last few posts of this thread:
http://forums.hardwarezone.com.sg/stocks...01601.html

(04-04-2016, 08:37 AM)piggo Wrote:

(04-04-2016, 08:20 AM)oinkoink1999 Wrote:

(03-04-2016, 09:32 PM)palantir Wrote: This is the first time i am receiving dividend from Dairy Farm

I received a letter from Dairy Farm asking me if i want to recieve my dividend in United States Dollars or Singapore Dollars. And then mail it back to them

Can i check isnt the dividend to be deposit into my bank account through Direct Credit Service?

Or Dairy Farm actually will mail the cheque to me instead?

Same here..i received it too but they asked if you wan to credit in USD OR SGD. What happen if I choose USD but I do not have USD account with dbs. Will the bank auto convert? Anyone can share

Thanks

They'll just send you a cheque in USD, and your bank will auto convert (according to their rates) when you bank it in.

Thanks

This counter was on my shortlist for sometime.

Basically, still not vested because of an unclear forward business strategy, but on consideration because of its substantial economies of scale and consistent sales channel.

(Not vested, have not went deep into details)

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Sharing my views and analysis of Dairy Farm. Comments are greatly welcomed.

(08-05-2016, 11:08 AM)Choon Wrote: Sharing my views and analysis of Dairy Farm. Comments are greatly welcomed.

It's a good analysis in my opinion. I believe that with your version of FCF you are getting at Warren Buffett's 'Owners Earnings'. If so, I suggest you label it as such in future reports or use 'adjusted FCF', because FCF is already defined in finance.

With a FCF return of 9%, I feel the stock is fairly valued or maybe a bit overvalued. We should fully consider the risks of operating in countries as Indonesia and Philipines and insist on a generous margin of safety baked into the share price.

I have followed the company for a while, as competitor of vested Sheng Siong. I would like to share few points here, on top of the previous posts on the topic.

DairyFarm went thru a re-org, both in management team, and org structure in 2013. Graham Allen replaced Michael Kok as CEO then, and several key staff changes around the same time. I am not suggesting that, the poor performance of the company after 2013, is due to the changes, but it might be a contributing factor.

The key in the re-org then, was standardization, IMO. The focus on fresh product, was also in the plan, IIRC. Anyway, changes were done. From 2013-2015, gross margin remains about the same, while net margin reduces from 4.6% to 3.8%. Standardization might be the key reason for the failure of non-Asian retailer in Asia market, IMO

The focus on fresh product, didn't improved the gross margin after 2 years. The staff and rental costs are the two factors blamed for the poorer net margin, while other retailers are having similar challenges.

The China venture with Yonghui, has little short-term synergy. It might help the company on its fresh product strategy, which Yonghui has excelled, but it will take time, and execution.

(not vested, but sharing few points on the topic)

P/S: no detail was given for the company 1Q2016 result, but generally situation remains the same, based on the report's summary.