Delfi - DBS Research 2024-05-29: Trading Growth For Margins; Expect Some Bitterness Ahead

Delfi - Trading Growth For Margins; Expect Some Bitterness Ahead

Delfi (SGX:P34) | SGinvestors.ioDelfi (SGX:P34)
  • Delfi (SGX:P34) reported its 1Q24 business update with revenue and EBITDA at US$151mil and US$23mil, a decline of 5.3% and 8.5% y-o-y, respectively. 1Q24 EBITDA saw a larger decline as the EBITDA margin contracted from 16.0% in 1Q23 to 15.5% in 1Q24 on lower operating leverage.
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  • While Delfi reports in US$, its core business primarily reports in Indonesian rupiah, which significantly depreciated against the US$ in the past year. Year-to-date, the Indonesian rupiah has depreciated 4.5% against the US$ (as of 28 May 24).

Sales decline largely coming from own brands.

  • Delfi own brands’ sales in both Indonesia and Philippines declined, and were partially offset by growth in agency brands in Indonesia and regional markets.

Strategy focuses on margin over growth.

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Write-off unlikely to be a concern.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Zheng Feng CHEE DBS Group Research | Andy SIM CFA DBS Research | 2024-05-29

Previous report by DBS:
2023-08-10 Delfi - Continues To Be A Sugary Delight.

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


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