Delfi - A Sweet Treat To End FY21
- Delfi (SGX:P34)'s FY21 core net profit of US$25.9m was a strong beat, at 129%/129% of our/consensus’ estimates on improved cost profile as sales momentum recovered.
- Special dividend of US$0.0048 proposed alongside final dividend of US$0.0108 brings Delfi's FY21 dividend to US$0.0283 for an attractive ~5% yield.
- Reiterate ADD call on Delfi and raise target price to S$1.09 as we increase earnings per share forecast for FY22-23F by 12- 13% while pegging at a slightly lower P/E multiple of 18x (from 20x), 0.5 standard deviation of its 5-year historical average.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | Izabella TAN CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-23 2022-02-23
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