- Delfi (SGX:P34) reported its 1Q24 business update with revenue and EBITDA at US$151mil and US$23mil, a decline of 5.3% and 8.5% y-o-y, respectively. 1Q24 EBITDA saw a larger decline as the EBITDA margin contracted from 16.0% in 1Q23 to 15.5% in 1Q24 on lower operating leverage.
- - Read this at SGinvestors.io -
- While Delfi reports in US$, 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.
- - Read this at SGinvestors.io -
Write-off unlikely to be a concern.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Zheng Feng CHEE DBS Group Research | Andy SIM CFA DBS Research | https://www.dbs.com/insightsdirect/ 2024-05-29
Previous report by DBS:
2023-08-10 Delfi - Continues To Be A Sugary Delight.
Price targets by 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
