Delfi - RHB Invest 2023-10-03: A Strong Indonesia Consumer Play; BUY

• We like Delfi, as it is Indonesia’s leading chocolate confectionery player with a market share of ~45-50%. We forecast a FY22-25 earnings CAGR of 13%. We believe Delfi is a potential takeover target – given its strong penetration, distribution network, and market leadership in Indonesia.
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Beneficiary of Indonesia’s growth.

• Delfi (SGX:P34) is a beneficiary of the rise in Indonesia’s middle class and disposable income. The country has strong demographics and economic growth potential, with a population of ~280m people (urban consumers now comprise 57% of the total population – this is set to hit 71% by 2030), and 2023 and 2024 GDP growth of 5.1% and 4.5% based on our economics team’s estimates.
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• Key growth strategies include moving into product variants with premiumisation and promoting healthy snacking.

Higher demand, new products to drive growth.

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Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2024-04-09 Delfi - Expect Minimal Margin Pressure; Keep BUY.

Previous report by RHB:
2024-03-18 Delfi - Positive On Growth Amid Lower Margins; Keep BUY.

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 Dividend Payout Dates & Corporate Actions,
Delfi News