- Delfi’s 1H23 profit of US$25.2m (+30.1% y-o-y) was within expectations, forming 55% of our full-year forecast. The strong 21.5% y-o-y growth in regional markets’ sales mainly contributed to the 16.2% y-o-y increase in revenue.
- - Read this at SGinvestors.io -
- Maintain BUY recommendation on Delfi with a 7% higher target price of S$1.83 (S$1.71 previously).
1H23 results in line with expectations, dividend payout ratio maintained.
- Delfi (SGX:P34) reported 1H23 revenue and profit of US$286.2m (+16.2% y-o-y) and US$25.2m (+30.1% y-o-y) respectively, both making up roughly 55% of our full-year forecast. As 1Q performance is generally stronger with festivities such as Valentine’s Day and Lebaran, its results are within our expectations.
- - Read this at SGinvestors.io -
- Overall, gross profit margin expanded 0.6ppt y-o-y to 30%, on the back of a more favourable sales mix and pricing adjustments, while EBITDA improved by 15.6% y-o-y due to increased sales.
- Management has declared an interim dividend of 2.73 cents/share, 25.2% higher than the 2.18 cents/share in 1H22, and in line with its practice of a 50% payout ratio. See Delfi's dividend date.
Elevated inventory levels and solid operating cash flow.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2023-08-10
Read also UOB's most recent report:
2024-03-04 Delfi - Margin Falls Expected As Cocoa Prices Hit New Peaks In 2023.
Previous report by UOB:
2023-11-21 Delfi - 3Q23 Resilient Growth Amid Rising Costs Brings Relief.
Price targets by 3 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
