Hit by Covid-19, chocolate confectionery company Delfi is facing an uncertain outlook, says RHB, as the company recorded 1H2020 PATMI of US$10.8 million ($14.8 million), down 30% y-o-y. RHB analyst Juliana Cai is maintaining “neutral” on the company with a raised target price of 80 cents from 74 cents previously.

“The 1H2020 results are slightly ahead of our estimates, but still below street projections. Its outlook for 2H2020 and FY2021 remains cloudy,” warns Cai in an August 13 note. 

The interim dividend was maintained at 1.27 US cents per share. “While the group saw economic activities picking up in June, business has yet to recover to pre-pandemic levels,” Cai says. 

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