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Analysts positive on Delfi with record-high profit of US$19.4 mil for 1HFY2022

Chloe Lim
Chloe Lim8/12/2022 03:01 PM GMT+08  • 4 min read
Analysts positive on Delfi with record-high profit of US$19.4 mil for 1HFY2022
According to Euromonitor, Delfi is Indonesia’s market leader in chocolate confectionery, with a market share of around 38%
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Analysts are positive on Delfi after its core net profit of US$19.4 million ($26.6 million) for the 1HFY2022 ended June stood at a record-high. The figure was also a strong beat to street estimates post-disposal of its cocoa ingredients unit in FY2015.

CGS-CIMB Group Research analysts Tay Wee Kuang and Izabella Tan have kept an “add” rating on Delfi with an increased target price of $1.28 from $1.09.

Delfi’s 1HFY2022 revenue of US$246.3 million was ahead of expectations at 56.6% and 56.5% of Tay and Tan’s and consensus’ FY2022 estimates respectively, in addition to surpassing pre-Covid-19 levels of US$226.9 million in 1HFY2019.

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