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PhillipCap raises TP on Del Monte to 69 cents on 38% earnings growth

Lim Hui Jie
Lim Hui Jie6/27/2022 03:18 PM GMT+08  • 4 min read
PhillipCap raises TP on Del Monte to 69 cents on 38% earnings growth
Earnings jumped 38% to hit US$20 million for 4QFY2022.
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PhillipCapital’s head of research Paul Chew has maintained his “buy” rating and raised his target price on Del Monte to 69 cents, up from his previous figure of 63 cents.

Del Monte’s patmi for the 4QFY2022 ended April, which jumped 38% y-o-y to US$20.0 million ($27.7 million), surpassed Chew’s expectations.

The 4QFY2022 earnings beat was from lower operating expenses, despite a one-off stock compensation of US$2 million. Del Monte’s final dividend was also up 42% y-o-y to 1.7 US cents.

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