DBS Group Research analyst Chung Wei Le has maintained “buy” on chocolate confectionery maker Delfi with a higher target price of $1.06 from 96 cents previously.

The analyst says he remains “cautiously optimistic” that Delfi would be able to exceed its level of sales pre-Covid-19 in the FY2022 amid easing restrictions in Indonesia.

In an Aug 12 report, Chung explains that the higher target price is due to the rolling forward of his price-to-earnings (P/E) peg to a 50/50 blend of FY2021 and FY2022 earnings.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook