Delfi - UOB Kay Hian 2024-05-30: 1Q24 Slightly Below Expectations; A Bittersweet Quarter

Delfi - 1Q24 Slightly Below Expectations; A Bittersweet Quarter

Published:
Delfi (SGX:P34) | SGinvestors.ioDelfi (SGX:P34)
  • Delfi’s 1Q24 revenue of US$150.7m (-5.3% y-o-y) was slightly below our expectations, forming 26% of our full-year forecast. The revenue decline stemmed from weaker local currencies against the US dollar, as well as lower trade promotion spending for its own brands.
  • - Read this at SGinvestors.io -

1Q24 results slightly below expectations.

  • Delfi (SGX:P34) registered 1Q24 revenue of US$150.7m (-5.3% y-o-y, +15.2% q-o-q), making up 26% of our full-year forecast.
  • 1Q is Delfi's seasonally strongest quarter with festivities such as Valentine's Day and Lebaran, forming 30% of full-year revenue on average for the past five years. Hence, 1Q24 performance slightly missed our expectations.
  • - Read this at SGinvestors.io -
  • EBITDA declined a substantial 8.5% y-o-y to US$23.3m, while EBITDA margin contracted by a marginal 0.5ppt from stringent cost management.

Own brands showing signs of losing steam.

  • 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/ 2024-05-30



Previous report by UOB:
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





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