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DFI Retail Group
Highlights from Jardine’s first Investor Day
■ We attended DFI's parent co Jardine Matheson’s inaugural Investor Day in HK on 16 Jun, which featured presentations by all portfolio companies.
■ Jardine's long-term targets include at least 9% TSR, a US$4bn capital recycling programme, and portfolio diversification towards OECD markets.
■ We stay confident on DFI’s execution and see recent share price pullback as a buying opportunity. Reiterate Add; re-rating catalyst: portfolio actions.
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Zixin Group - Higher volume drives profitability
- 2H26 results exceeded our expectations, with revenue up 44.3% YoY to RMB386.8mn and net income increased 29.9% YoY to RMB45.4mn, driven by higher sales volume in both the fresh sweet potato and processed products segments. FY26 revenue/PATMI were at 104%/123% of our forecasts.
- Earnings from the fresh sweet potato segment doubled, driven by a c.30% YoY surge in sales volume, while processed products grew 12.5% YoY, supported by portfolio expansions including sweet potato chips and steamed products. Overall gross margin declined by 330 bps to 31.2% due to margin compression in the fresh segment.
- We maintain our BUY recommendation and raise our target price to S$0.06 as we roll into the new financial year. We raise our FY27e revenue and net profit forecasts by 23% and 29%, respectively, and expect earnings to grow 24% YoY. Growth will be driven by the continued expansion of Zixin’s white-label ODM business, supported by customer additions across major Chinese snack brands, supermarket private-label brands, and international markets. Meanwhile, demand for fresh sweet potatoes is expected to remain robust, supported by increasing health-conscious consumption and strong demand for premium varieties such as Hong Yao and Black Gold, which offer quality comparable to Japanese sweet potatoes at a more competitive price.
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LENS TECHNOLOGY (6613.HK)
Folding into the next hardware cycle
• iPhone glass leader evolving into precision manufacturing of foldables, robots, AI infrastructure and aerospace
• Foldable iPhone: 4x content uplift, supporting an Apple-supplier-style rerating on major new-product roles
• Expect 36% FY26–28F earnings CAGR, driven by Apple content uplift, auto glass, robotics modules and AI server racks; foldable iPhone to contribute 10%/18%/22% of FY26-28F revenue
• Initiate BUY; TP HKD38.0, on 0.8 FY27F PEG, in line with peers, implying 29x FY27F P/E; catalyst: increasing foldable visibility, Tesla robot headmodule ramp and aerospace UTG validation
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BENG KUANG MARINE (BKM SP)
Strong FPSO Contract Wins Underappreciated By The Market
Highlights
• ASOM has secured two FPSO life extension contracts worth US$28.6m (~S$36.6m), lifting BKM's pro forma orderbook to approximately S$92.5m.
• We view this positively as the awards validate ASOM's West Africa pipeline, with BKM now capturing 100% of ASOM’s post-consolidation earnings.
• Maintain BUY with an unchanged target price of S$0.75, pegged to 14x 2027F PE. The recent share price correction of about 20% and attractive 7x 2027 excash PE present a good buying opportunity.
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