- Delfi’s 9M23 profit of US$32.8m (+22.1% y-o-y) was in line with expectations, forming 69.8% of our full-year forecast. The strong 15.2% y-o-y revenue growth was supported by double-digit growth in both Indonesia’s and regional markets’ sales.
- - Read this at SGinvestors.io -
3Q23 results in line with expectations.
- Delfi (SGX:P34) reported 9M23 revenue and PATMI of US$412.6m (+15.2% y-o-y) and US$32.8m (+22.1% y-o-y) respectively, accounting for 79.7% and 69.8% of our full-year forecasts respectively. This is in line with our expectation as 1Q and 4Q are typically better-performing periods in preparation for festivities such as Valentines’ Day and Lebaran.
- - Read this at SGinvestors.io -
Strong consumer demand persists.
- Nonetheless, 3Q23 was still a robust quarter where revenue (+12.9% y-o-y), gross profit (+12.1% y-o-y) and PATMI (+1.8% y-o-y) improved y-o-y, backed by strong consumer demand.
- Amid management’s investments into building the brands, 3Q23 EBITDA declined by 6.3% y-o-y as a result of higher selling and distribution expenses. Gross margin also contracted marginally to 29.5%, on the back of higher input costs that were largely mitigated by management’s strategic pricing, cost efficiencies and a favourable sales mix.
Healthy cash balance with 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/ 2023-11-21
Read also UOB's most recent report:
2024-03-04 Delfi - Margin Falls Expected As Cocoa Prices Hit New Peaks In 2023.
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
