Delfi - RHB Invest 2023-11-28: Outlook Still Robust; Keep BUY

• We continue to like Delfi (SGX:P34) for its:
  1. Market leadership in Indonesia,
  2. positioning to capture Indonesia’s rising middle class consumption,
  3. strong and comprehensive general trade network nationwide,
  4. - Read this at SGinvestors.io -
  5. exposure to regional markets, and
  6. strong cash flow-generative abilities.
• Delfi's share price trades at a compelling 10x FY24F P/E, close to -1 standard deviation from its 16x mean.

Upbeat, due to Indonesia’s robust consumption outlook.

• We are positive on Delfi’s growth in Indonesia on the macroeconomic front, as we expect the country to chart robust GDP growth and see strong consumer confidence ahead.
• - Read this at SGinvestors.io -
• Indonesia’s consumer confidence index (CCI) has recovered to pre-COVID-19 levels, at above 120pts. Since January, the CCI reading has ranged between 121pts and 128pts. October’s reading was at 124pts.

3Q23 margins below estimates.

• Read more at SGinvestors.io.

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