- We maintain BUY on Delfi (SGX:P34), due to its compelling valuation and earnings growth outlook which, in turn, is based on the recovery in regional consumption and Indonesia’s rising middle-income segment.
- - Read this at SGinvestors.io -
FY23 revenue and core operating profit were lower than estimated.
- Delfi’s FY23 revenue of US$538m (+13% y-o-y) and operating profit of US$64m (+2% y-o-y) were below estimates. Headline earnings were, however, in line at US$46m (+5% y-o-y) lifted by lower effective taxes and higher-than-expected non-operating income.
- - Read this at SGinvestors.io -
- Its operating profit margin (12%) as a result, was below our forecast of 13%.
- Delfi declared final and special dividends of 1.74 and 0.52 US$ cents, which brings full year dividend to 4.32 US$ cents, amounting to a dividend payout ratio of ~57%.
Cut FY24-25F earnings by 11-12%
- Read more at SGinvestors.io.
