SINGAPORE (June 5): KGI Securities is initiating an "outperform" recommendation on Delfi Limited with a target price of 93 cents.

In a Friday report, analyst Amirah Yusoff says, “We believe that Covid-19 disruptions are merely speedbumps on the road to strong sustained growth, as Delfi continues to evolve with the Indonesian consumer, and their changing tastes and preferences.”

Delfi is the manufacturer and distributor for many of Indonesia’s favourite chocolate confectionery products, holding a strong and unwavering market share of close to 50%. This has been and will continue to be the trend as Indonesian shoppers are not only fiercely loyal to local brands for many of their daily needs, but are also more price sensitive, especially for the value product ranges that cater to the Traditional Trade (mom-and-pop stores) consumers.

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