Delfi - UOB Kay Hian 2023-02-17: 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-03-11 Delfi - 2024 Earnings Miss; Elevated Cocoa Prices Expected To Drag On Growth In 2025.

Previous report by UOB:
2024-11-25 Delfi - 3Q24 Revenue In Line; Margin Pressures Continue.

Price targets by other brokers at Delfi Target Prices.

Listing of research reports at Delfi Analyst Reports.

Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividend Payout Dates & Corporate Actions,
Delfi News