DFI Retail Group

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Incumbents like Yonghui and RT-Mart all suffer from operating deleveraging as the hypermart format no longer works as effectively. If you look at the grocery scene in China, the market structure/format changes every 10-12 years. Yonghui and RT-Mart were merely the yesteryears equivalent of PDD/Meituan when modern trade took over the grocery scene in China. It makes you wonder how conservative it was to pay above 20x earnings multiple in the past for the supposedly defensive grocery sector.

Actually, SSG is still profitable but not without challenges. If you look at their minority interests for 1H2024 which is a proxy for China's profits, it has fallen by 67% YoY
"Criticism is the fertilizer of learning." - Sir John Templeton
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Messages In This Thread
DFI Retail Group - by corporatefatcat - 17-08-2011, 02:53 PM
RE: Dairy Farm - by shanrui_91 - 21-04-2012, 09:20 AM
RE: Dairy Farm - by yaosheng - 21-04-2012, 12:44 PM
RE: Dairy Farm - by shanrui_91 - 21-04-2012, 01:03 PM
RE: Dairy Farm - by corporatefatcat - 21-04-2012, 04:06 PM
RE: Dairy Farm - by shanrui_91 - 21-04-2012, 04:17 PM
RE: Dairy Farm - by d.o.g. - 21-04-2012, 05:37 PM
RE: Dairy Farm - by donmihaihai - 21-04-2012, 07:17 PM
RE: Dairy Farm - by shanrui_91 - 21-04-2012, 09:51 PM
RE: Dairy Farm - by Nick - 21-04-2012, 10:04 PM
RE: Dairy Farm - by shanrui_91 - 21-04-2012, 10:10 PM
RE: Dairy Farm - by donmihaihai - 21-04-2012, 10:32 PM
RE: Dairy Farm - by shanrui_91 - 21-04-2012, 10:36 PM
RE: Dairy Farm - by corporatefatcat - 21-04-2012, 11:18 PM
RE: Dairy Farm - by jaco - 13-05-2012, 06:53 PM
RE: Dairy Farm - by Nick - 12-07-2012, 04:59 PM
RE: Dairy Farm - by BlackCat - 12-07-2012, 10:02 PM
RE: Dairy Farm - by Some-one - 12-07-2012, 10:14 PM
RE: Dairy Farm - by pianist - 12-07-2012, 10:56 PM
RE: Dairy Farm - by KopiKat - 12-07-2012, 11:17 PM
RE: Dairy Farm - by shanrui_91 - 13-07-2012, 10:01 AM
RE: Dairy Farm - by palantir - 13-07-2012, 04:21 PM
RE: Dairy Farm - by pianist - 14-07-2012, 12:55 AM
RE: Dairy Farm - by shanrui_91 - 14-07-2012, 10:23 AM
RE: Dairy Farm - by paullow - 14-07-2012, 10:32 AM
RE: Dairy Farm - by shanrui_91 - 14-07-2012, 10:38 AM
RE: Dairy Farm - by Swinger - 16-07-2012, 11:14 AM
RE: Dairy Farm - by Temperament - 16-07-2012, 11:28 AM
RE: Dairy Farm - by Swinger - 16-07-2012, 11:29 PM
RE: Dairy Farm - by snowcap - 27-08-2012, 11:00 AM
RE: Dairy Farm - by snowcap - 28-08-2012, 04:06 PM
RE: Dairy Farm - by godjira1 - 28-08-2012, 04:36 PM
RE: Dairy Farm - by pianist - 28-08-2012, 04:38 PM
RE: Dairy Farm - by snowcap - 28-08-2012, 04:43 PM
RE: Dairy Farm - by Musicwhiz - 28-08-2012, 04:55 PM
RE: Dairy Farm - by palantir - 31-08-2012, 02:48 PM
RE: Dairy Farm - by bpequity - 31-08-2012, 03:04 PM
RE: Dairy Farm - by shanrui_91 - 31-08-2012, 04:09 PM
RE: Dairy Farm - by snowcap - 28-08-2012, 05:26 PM
RE: Dairy Farm - by valuehunter - 28-08-2012, 06:17 PM
RE: Dairy Farm - by Drizzt - 28-08-2012, 08:07 PM
RE: Dairy Farm - by CityFarmer - 28-08-2012, 08:18 PM
RE: Dairy Farm - by Drizzt - 28-08-2012, 08:23 PM
RE: Dairy Farm - by CityFarmer - 28-08-2012, 08:43 PM
RE: Dairy Farm - by Drizzt - 29-08-2012, 01:15 AM
Dairy Farm - by godjira1 - 31-08-2012, 04:35 PM
RE: Dairy Farm - by snowcap - 30-10-2012, 05:27 PM
RE: Dairy Farm - by soros - 02-12-2012, 10:36 PM
RE: Dairy Farm - by karlmarx - 03-12-2012, 12:25 AM
RE: Dairy Farm - by CityFarmer - 03-12-2012, 09:07 AM
RE: Dairy Farm - by pianist - 03-12-2012, 11:10 PM
RE: Dairy Farm - by CityFarmer - 04-12-2012, 11:29 AM
RE: Dairy Farm - by Nick - 04-12-2012, 11:31 AM
RE: Dairy Farm - by CityFarmer - 04-12-2012, 01:15 PM
RE: Dairy Farm - by wee - 04-12-2012, 01:44 PM
RE: Dairy Farm - by Nick - 04-12-2012, 07:00 PM
RE: Dairy Farm - by Drizzt - 04-12-2012, 07:38 PM
RE: Dairy Farm - by a74henry - 01-04-2013, 11:38 AM
RE: Dairy Farm - by shanrui_91 - 04-12-2012, 07:44 PM
RE: Dairy Farm - by freedom - 04-12-2012, 07:48 PM
RE: Dairy Farm - by CityFarmer - 01-04-2013, 11:11 AM
RE: Dairy Farm - by Nick - 01-04-2013, 11:13 PM
RE: Dairy Farm - by snowcap - 02-04-2013, 10:03 AM
RE: Dairy Farm - by CityFarmer - 02-04-2013, 10:14 AM
RE: Dairy Farm - by shanrui_91 - 02-04-2013, 10:57 AM
RE: Dairy Farm - by snowcap - 02-04-2013, 10:37 AM
RE: Dairy Farm - by Nick - 02-04-2013, 12:14 PM
RE: Dairy Farm - by snowcap - 02-04-2013, 12:19 PM
RE: Dairy Farm - by CityFarmer - 02-04-2013, 04:34 PM
RE: Dairy Farm - by Nick - 02-04-2013, 05:33 PM
RE: Dairy Farm - by Greenrookie - 02-04-2013, 11:24 PM
RE: Dairy Farm - by wizguy84 - 03-04-2013, 12:41 AM
RE: Dairy Farm - by CityFarmer - 03-04-2013, 09:30 AM
RE: Dairy Farm - by a74henry - 03-04-2013, 05:48 PM
RE: Dairy Farm - by wsreader - 03-04-2013, 05:52 PM
RE: Dairy Farm - by CityFarmer - 03-04-2013, 09:56 PM
RE: Dairy Farm - by a74henry - 03-04-2013, 05:58 PM
RE: Dairy Farm - by CityFarmer - 17-04-2013, 09:30 PM
RE: Dairy Farm - by CityFarmer - 19-04-2013, 07:31 PM
RE: Dairy Farm - by maniac - 19-04-2013, 07:49 PM
RE: Dairy Farm - by CityFarmer - 19-04-2013, 09:27 PM
RE: Dairy Farm - by a74henry - 18-04-2013, 03:38 PM
RE: Dairy Farm - by CityFarmer - 25-04-2013, 08:08 PM
RE: Dairy Farm - by greengiraffe - 25-04-2013, 10:31 PM
RE: Dairy Farm - by CityFarmer - 27-04-2013, 10:43 AM
RE: Dairy Farm - by wizguy84 - 19-08-2013, 11:41 PM
RE: Dairy Farm - by snowcap - 20-08-2013, 07:26 AM
RE: Dairy Farm - by snowcap - 27-08-2013, 05:45 PM
RE: Dairy Farm - by felixleong - 27-08-2013, 06:01 PM
RE: Dairy Farm - by snowcap - 27-08-2013, 06:52 PM
RE: Dairy Farm - by Drizzt - 27-08-2013, 07:13 PM
RE: Dairy Farm - by freedom - 27-08-2013, 07:34 PM
RE: Dairy Farm - by freedom - 28-08-2013, 02:36 PM
RE: Dairy Farm - by Nick - 28-08-2013, 04:52 PM
RE: Dairy Farm - by valuehunter - 28-08-2013, 05:21 PM
RE: Dairy Farm - by felixleong - 28-08-2013, 07:01 PM
RE: Dairy Farm - by AlphaQuant - 28-08-2013, 07:19 PM
RE: Dairy Farm - by darrenyc - 11-12-2013, 06:47 PM
RE: Dairy Farm - by safetyfirst - 23-01-2014, 03:22 PM
RE: Dairy Farm - by InvestArk - 23-01-2014, 09:59 PM
RE: Dairy Farm - by SpeedingBullet - 22-05-2014, 11:46 AM
RE: Dairy Farm - by zerobeta - 27-05-2014, 03:03 PM
RE: Dairy Farm - by CityFarmer - 12-08-2014, 09:49 AM
RE: Dairy Farm - by greengiraffe - 12-08-2014, 09:56 AM
Dairy Farm - by opmi - 12-08-2014, 10:21 AM
RE: Dairy Farm - by gzbkel - 16-09-2014, 03:04 PM
RE: Dairy Farm - by sgd - 16-09-2014, 03:22 PM
RE: Dairy Farm - by greengiraffe - 16-09-2014, 04:02 PM
RE: Dairy Farm - by sgd - 16-09-2014, 04:11 PM
RE: Dairy Farm - by CityFarmer - 16-09-2014, 04:48 PM
RE: Dairy Farm - by Belg - 16-09-2014, 04:54 PM
RE: Dairy Farm - by gzbkel - 16-09-2014, 05:46 PM
RE: Dairy Farm - by MINX - 17-09-2014, 11:28 AM
RE: Dairy Farm - by piggo - 17-09-2014, 11:45 AM
RE: Dairy Farm - by MINX - 17-09-2014, 12:31 PM
RE: Dairy Farm - by SpeedingBullet - 17-09-2014, 01:43 PM
RE: Dairy Farm - by gzbkel - 24-09-2014, 04:00 PM
RE: Dairy Farm - by CityFarmer - 24-09-2014, 04:52 PM
RE: Dairy Farm - by SpeedingBullet - 09-11-2014, 10:42 AM
RE: Dairy Farm - by Jeremiah29_11 - 29-01-2015, 11:21 AM
RE: Dairy Farm - by safetyfirst - 29-01-2015, 12:48 PM
RE: Dairy Farm - by postage paid - 29-01-2015, 01:20 PM
RE: Dairy Farm - by CityFarmer - 10-02-2015, 03:32 PM
RE: Dairy Farm - by piggo - 10-02-2015, 05:03 PM
RE: Dairy Farm - by piggo - 06-03-2015, 08:53 AM
RE: Dairy Farm - by CityFarmer - 13-03-2015, 09:37 PM
RE: Dairy Farm - by piggo - 18-03-2015, 05:10 PM
RE: Dairy Farm - by CityFarmer - 25-03-2015, 09:16 PM
RE: Dairy Farm - by CityFarmer - 30-07-2015, 09:20 PM
RE: Dairy Farm - by CityFarmer - 08-08-2015, 04:48 PM
RE: Dairy Farm - by pantoo - 14-08-2015, 11:18 AM
RE: Dairy Farm - by CityFarmer - 14-08-2015, 11:41 AM
RE: Dairy Farm - by pantoo - 14-08-2015, 02:03 PM
RE: Dairy Farm - by oinkoink1999 - 16-11-2015, 10:22 PM
RE: Dairy Farm - by piggo - 16-11-2015, 10:39 PM
RE: Dairy Farm - by oinkoink1999 - 16-11-2015, 11:11 PM
RE: Dairy Farm - by CityFarmer - 17-11-2015, 09:35 AM
RE: Dairy Farm - by butcher - 06-10-2015, 12:06 PM
RE: Dairy Farm - by smalkmus - 06-10-2015, 01:22 PM
RE: Dairy Farm - by Ivan Lu - 06-10-2015, 02:57 PM
RE: Dairy Farm - by piggo - 06-10-2015, 04:03 PM
RE: Dairy Farm - by smalkmus - 06-10-2015, 04:33 PM
RE: Dairy Farm - by CityFarmer - 06-10-2015, 10:31 PM
RE: Dairy Farm - by Art or Science - 07-10-2015, 09:52 PM
RE: Dairy Farm - by CityFarmer - 06-10-2015, 04:54 PM
RE: Dairy Farm - by ZZF - 05-01-2016, 04:45 PM
RE: Dairy Farm - by palantir - 18-01-2016, 03:03 PM
RE: Dairy Farm - by flanforever - 18-01-2016, 03:06 PM
RE: Dairy Farm - by palantir - 21-01-2016, 08:03 AM
RE: Dairy Farm - by flanforever - 21-01-2016, 09:03 AM
RE: Dairy Farm - by desmondxyz - 22-01-2016, 05:41 PM
RE: Dairy Farm - by palantir - 26-01-2016, 05:04 PM
RE: Dairy Farm - by CityFarmer - 15-03-2016, 09:08 PM
RE: Dairy Farm - by owq - 15-03-2016, 10:16 PM
RE: Dairy Farm - by CityFarmer - 16-03-2016, 10:06 AM
RE: Dairy Farm - by opmi - 16-03-2016, 01:01 PM
RE: Dairy Farm - by smalkmus - 16-03-2016, 11:52 PM
RE: Dairy Farm - by CityFarmer - 17-03-2016, 09:43 AM
RE: Dairy Farm - by pantoo - 16-03-2016, 11:55 PM
RE: Dairy Farm - by piggo - 17-03-2016, 01:14 AM
RE: Dairy Farm - by Thaddy0103 - 17-03-2016, 03:07 AM
RE: Dairy Farm - by palantir - 03-04-2016, 09:32 PM
RE: Dairy Farm - by oinkoink1999 - 04-04-2016, 08:20 AM
RE: Dairy Farm - by piggo - 04-04-2016, 08:37 AM
RE: Dairy Farm - by palantir - 04-04-2016, 05:25 PM
RE: Dairy Farm - by gzbkel - 04-04-2016, 08:37 AM
RE: Dairy Farm - by momoeagle - 06-04-2016, 03:31 PM
RE: Dairy Farm - by CityFarmer - 19-05-2016, 11:45 AM
RE: Dairy Farm - by Greenrookie - 19-05-2016, 02:48 PM
RE: Dairy Farm - by CityFarmer - 19-05-2016, 03:34 PM
RE: Dairy Farm - by Choon - 01-06-2016, 11:36 PM
RE: Dairy Farm - by CityFarmer - 02-06-2016, 12:42 PM
RE: Dairy Farm - by palantir - 03-09-2016, 10:00 PM
RE: Dairy Farm - by TTTI - 03-09-2016, 11:12 PM
RE: Dairy Farm - by owq - 04-09-2016, 08:54 AM
RE: Dairy Farm - by soros - 04-09-2016, 02:03 PM
RE: Dairy Farm - by corydorus - 01-02-2017, 09:10 AM
RE: Dairy Farm - by cyclone - 17-08-2018, 05:44 PM
RE: Dairy Farm - by touzi - 10-04-2020, 11:27 AM
RE: Dairy Farm - by swn - 12-04-2020, 06:34 AM
IMS - by ¯|_(ツ)_/¯ - 29-04-2020, 07:59 AM
RE: Dairy Farm - by ¯|_(ツ)_/¯ - 30-07-2020, 08:20 AM
RE: Dairy Farm - by ongweehiang - 24-08-2020, 01:05 PM
RE: Dairy Farm - by ongweehiang - 02-10-2020, 11:11 AM
RE: Dairy Farm - by weijian - 02-10-2020, 02:56 PM
RE: Dairy Farm - by specuvestor - 08-10-2020, 11:18 AM
RE: Dairy Farm - by ongweehiang - 17-11-2020, 09:42 PM
RE: Dairy Farm - by jaco - 18-11-2020, 11:07 AM
RE: Dairy Farm - by Big Toe - 18-11-2020, 10:23 PM
RE: Dairy Farm - by Raks - 18-11-2020, 11:55 PM
RE: Dairy Farm - by Choon - 10-12-2020, 10:42 PM
RE: Dairy Farm - by ongweehiang - 18-03-2021, 01:54 PM
RE: Dairy Farm - by Choon - 02-08-2021, 09:53 PM
RE: Dairy Farm - by ongweehiang - 09-08-2021, 09:57 PM
RE: Dairy Farm - by weijian - 03-01-2022, 05:57 PM
RE: Dairy Farm - by ongweehiang - 04-01-2022, 12:05 PM
RE: Dairy Farm - by specuvestor - 04-01-2022, 12:09 PM
RE: Dairy Farm - by weijian - 05-01-2022, 02:16 PM
RE: Dairy Farm - by specuvestor - 05-01-2022, 03:16 PM
RE: Dairy Farm - by weijian - 09-01-2022, 12:57 PM
RE: Dairy Farm - by weijian - 27-01-2022, 03:53 PM
RE: Dairy Farm - by weijian - 07-03-2022, 08:14 PM
RE: Dairy Farm - by karlmarx - 07-03-2022, 08:43 PM
RE: Dairy Farm - by Choon - 07-03-2022, 10:42 PM
RE: Dairy Farm - by dreamybear - 07-03-2022, 10:59 PM
RE: Dairy Farm - by donmihaihai - 08-03-2022, 06:00 PM
RE: Dairy Farm - by dzwm87 - 08-03-2024, 10:37 AM
RE: Dairy Farm - by Big Toe - 08-03-2024, 01:06 PM
RE: Dairy Farm - by gzbkel - 08-03-2024, 10:47 AM
RE: DFI Retail Group - by weijian - 24-09-2024, 07:46 AM
RE: DFI Retail Group - by ksir - 24-09-2024, 09:12 AM
RE: DFI Retail Group - by Big Toe - 24-09-2024, 12:37 PM
RE: DFI Retail Group - by weijian - 01-10-2024, 11:20 AM
RE: DFI Retail Group - by dzwm87 - 24-09-2024, 01:08 PM
RE: DFI Retail Group - by Bibi - 01-10-2024, 01:04 PM
RE: DFI Retail Group - by weijian - 01-10-2024, 02:30 PM
RE: DFI Retail Group - by dzwm87 - 02-10-2024, 11:08 AM
RE: DFI Retail Group - by weijian - 12-03-2025, 11:44 PM
RE: DFI Retail Group - by weijian - 24-07-2025, 06:20 PM
RE: Sheng Siong Group - by gzbkel - 06-03-2024, 04:35 PM
RE: Sheng Siong Group - by dzwm87 - 06-03-2024, 07:50 PM
RE: Sheng Siong Group - by gzbkel - 08-03-2024, 10:21 AM
RE: Sheng Siong Group - by weijian - 07-03-2024, 05:48 PM
RE: Sheng Siong Group - by Big Toe - 07-03-2024, 10:51 PM

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