Delfi - CGS-CIMB Research 2022-02-23: A Sweet Treat To End FY21

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 @

TAY Wee Kuang CGS-CIMB Research | Izabella TAN CGS-CIMB Research | 2022-02-23
SGX Stock Analyst Report ADD MAINTAIN ADD 1.09 UP 1.020

Read also CGS-CIMB's most recent report:
2022-05-19 Delfi - Picking Up Where It Left Off

Relevant links:
Delfi Analyst Report,
Delfi Target Price,

Delfi Share Price History,
Delfi Announcements,
Delfi Dividends/ Corp Actions,
Delfi News Articles


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