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

Delfi - 1Q24 Slightly Below Expectations; A Bittersweet Quarter

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.
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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.
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  • 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.

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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 @

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 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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