Delfi - Lim & Tan Securities 2024-08-27: Attractive Yields While Awaiting Recovery

• Delfi (SGX:P34)’s 1HFY24 results came in below our expectations with revenue and net profit coming in at 46%/42% of our full year forecast. Revenue declined 7.8% y-o-y to US$260.8mln.
• Despite lower earnings, Delfi maintained interim dividend at 2.72 cents. Backed by stable cashflows and a strong net cash position, we believe Delfi has the capacity to maintain full year dividends, an attractive 7.2% yield.

Weaker performance across most segments.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Other factors include reduced promotional spending to defend margins from higher raw material costs e.g. cocoa prices.

Delfi’s pricing strategy vs high cocoa prices.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Lim & Tan Securities Research.
Clients of Lim & Tan Securities may be the first to access the full PDF report @ https://www.limtan.com.sg/.

Previous report by LIM:
2024-04-17 Delfi - Strong Demand To Offset Lower Margins.

Price targets by 2 other brokers at Delfi Target Prices.

Listing of research reports at Delfi Analyst Reports.

Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividend Payout Dates & Corporate Actions,
Delfi News