Delfi - UOB Kay Hian 2023-02-17: An Undervalued Leader In Indonesia’s Chocolate Products Market

Delfi - An Undervalued Leader In Indonesia’s Chocolate Products Market

  • Delfi is a dominant market leader of chocolate confectionary products in Indonesia with around a 41% market share. It has been focusing on its premiumisation strategy in offering differentiated products and undertaking acquisitions.
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  • Initiate coverage on Delfi with BUY and a target price of S$1.42. Delfi's share price is trading at a discount of 50% vs its Indonesia peers’ average P/E.

Delfi is the market leader of chocolate confectionery products in Indonesia, backed by positive macro trends.

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  • Delfi's home market, Indonesia, where it generates more than 70% of its revenue, demonstrates vast potential based on its macro industry trends of a fast-growing middle class, a young population and high domestically-driven GDP growth.

Well-positioned to capitalise on premiumisation trend.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2023-02-17

Read also UOB's most recent report:
2023-03-01 Delfi - 2022 Results Above Expectations; Expect A Strong Year Ahead.

Price targets by 2 other brokers at Delfi Target Prices.
Listing of research reports at Delfi Analyst Reports.

Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividends & Corporate Actions,
Delfi News Articles

SGX Stock / REIT Search


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