Latest Forum Topics / Delfi Last:0.81 -0.005 | Post Reply |
Buoyant outlook
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ozone2002
Supreme |
26-Mar-2024 10:37
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Choco confectionaries die 🐓 stand https://www.bloomberg.com/news/articles/2024-03-25/cocoa-tops-9-000-as-supply-fears-keep-sparking-fresh-records |
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Joelton
Supreme |
20-Mar-2024 10:46
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RHB cuts Delfi target on narrowing margin amid cocoa price hikes
 
RHB has lowered its target price for chocolate confectioner Delfi to S$1.33 from S$1.55 after trimming earnings forecasts.
 
Despite staying positive on the company&rsquo s growth outlook, RHB analyst Alfie Yeo expects slower revenue growth as well as a narrower gross margin amid a cocoa cost surge. He cut Delfi&rsquo s net profit estimates for FY2024 by 11 per cent and for FY2025 by 12 per cent, while maintaining a &ldquo buy&rdquo call for the counter.
 
This followed the company&rsquo s FY2023 financials released on Feb 27 that missed RHB&rsquo s revenue growth and operating margins estimates.
 
Cocoa prices had skyrocketed to around US$8,273 per tonne as at Tuesday (Mar 19), more than double the price of cocoa from a year earlier due to shrinking supplies, based on data by Trading Economics.
 
&ldquo However, we are not overly pessimistic, as Delfi does have a strategy on hedging against price hikes, as well as the ability to right-size its products and defend margins,&rdquo Yeo noted in a report on Monday.
 
He also highlighted Delfi&rsquo s &ldquo compelling valuation&rdquo and earnings growth projection based on a recovery in regional consumption and a rising middle-income segment in Indonesia, its largest market.
 
Despite the lowered earnings forecasts, Delfi still has a FY2023 to FY2026 compound annual growth rate of 7.5 per cent. The stock currently trades at about nine times the brokerage&rsquo s estimates for FY2024 price-to-earnings, which is one standard deviation below the historical average since its listing.
 
Yeo added that the new target of S$1.33 is pegged to 13 times the FY2024 price-to-earnings estimates, at 0.5 standard deviation below the historical mean.
 
Given that the brokerage expects Indonesia&rsquo s gross domestic product to grow robustly at 5 per cent year on year in 2024 &ndash driven by heightened private consumption, Yeo noted that Delfi is well-positioned to capture Indonesia&rsquo s middle-class consumption growth with its market leadership in the country.
 
He continues to like the stock for the company&rsquo s comprehensive general trade network nationwide, growth strategies such as premiumisation and healthy snacking, as well as exposure to regional markets.
 
&ldquo Key downside risks to our earnings include lower-than-expected consumption for chocolate confectionery in Indonesia, an increase in raw material prices that could affect gross profit margins, and the negative effect of the US dollar against Indonesian rupiah rate,&rdquo Yeo added.
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msksmsks
Elite |
19-Mar-2024 11:56
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Price actions don look too good If recent low of 89 still can' t hold, chances of gg down twds 85-83 maybe next  Even though looks oversold, the highly priced coca dont favour Delfi...   |
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msksmsks
Elite |
19-Mar-2024 09:22
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Cocoa prices soared abv $8k
My goodness... |
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msksmsks
Elite |
11-Mar-2024 10:16
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Capitulation @ 90 ?    Big chunk sell down  and  touch 89 and then reverse up ? |
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FOREVERFREEDOM
Veteran |
08-Mar-2024 22:42
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Hmm, possible to break below 0.90 and down to 0.84?
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msksmsks
Elite |
08-Mar-2024 13:37
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Still drifting downwards..... Coca hit record high @$7k If raw materials soaring prices don goes down Delfi' s profitability wl be affected    |
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FOREVERFREEDOM
Veteran |
05-Mar-2024 08:57
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Gap covered, will it sustain at this level or continue dive?
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Elf2000
Elite |
04-Mar-2024 14:56
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These are the speculators strategies, they push it down and buy in, in order to collect CD and earn price appreciate later. This company's is still very sound... if got some spare cash can buy in and keep for mid to long term and collect dividend.
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iinvestor
Veteran |
04-Mar-2024 14:25
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after CD, no eyes see...bitter chocolate  | ||||
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msksmsks
Elite |
04-Mar-2024 14:17
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Gap covering soon
What's next Mgmt din provide much hint nor any SBB.
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DarkSensation
Member |
29-Feb-2024 12:10
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Do they ever did share buy back? Can't find any info on it. | ||||
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msksmsks
Elite |
28-Feb-2024 15:18
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moe yum kong lo | ||||
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Mandmx
Member |
28-Feb-2024 14:49
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Its still a fundamentally sound company and well managed. But you can't go against megatrend like raw material prices. It will bounce back strongly when the trend reverses. | ||||
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Elf2000
Elite |
28-Feb-2024 14:26
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Waiting for the good opportunity to get some. | ||||
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Mandmx
Member |
28-Feb-2024 14:20
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Delfi really shocked many investors. Now all become bagholders. The cocoa price is a hidden surprise. When is it coming down? | ||||
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Joelton
Supreme |
28-Feb-2024 13:07
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Delfi H2 net profit down 14.1% special dividend proposed on rising confidence, strong net sales
CHOCOLATE confectionery company Delfi : P34 -1.9% on Tuesday (Feb 27) posted a net profit of US$21.1 million for the six months ended Dec 31, 2023, marking a 14.1 per cent decrease from the US$24.5 million booked for the corresponding year-ago period.
 
This came despite a 9 per cent increase in revenue, to US$255.2 million from US$234.0 million in H2 FY2022.
 
Earnings per share stood at 3.44 US cents, a decrease from the 4.01 US cents recorded in the same period a year earlier.
 
For the full financial year, revenue increased by 12.7 per cent, to US$538.2 million from US$477.5 million in FY2022, while net profit rose to US$46.3 million, up 5.4 percent from US$43.9 million the year before.
 
The increase in revenue was attributed to the robust net sales of Delfi&rsquo s own brands and agency brands across the Indonesia and regional markets, with year-on-year sales growth of 9.9 per cent and 16.7 per cent, respectively, for FY2023.
 
For its own-brands portfolio, growth was driven by the group&rsquo s operations in Indonesia and the Philippines for agency brands, growth continued to be driven by the snacking category, it noted.
 
With confidence in the business&rsquo performance, the directors are proposing a final dividend of 1.74 US cents and a special dividend of 0.52 US cents per share.
 
Subject to the approval of shareholders at the group&rsquo s annual general meeting on Apr 23, both dividends are expected to be payable on May 15.
 
John Chuang, chief executive of Delfi, said: &ldquo While year-on-year top- and bottom-line growth slowed in FY2023 as compared to FY2022, it is important to note that although the group&rsquo s performance occurred in a more challenging environment, we were still able to drive our efforts in product innovation and the development of our premium and value categories.&rdquo
 
The group said it remains cautious due to ongoing uncertainties in the global economy and geopolitical landscapes. These factors &ldquo have caused a strain on specific supply chains and sent commodity prices, especially cocoa, soaring&rdquo , it added.
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jlong0005
Senior |
28-Feb-2024 11:42
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Buying support quite low, looks like closing to 90 possible. Best to stay out. | ||||
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msksmsks
Elite |
28-Feb-2024 11:40
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Gap 0.93 - 0.965 , wl this be covered ? | ||||
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iinvestor
Veteran |
28-Feb-2024 11:32
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they call it close the gap....guess where? below 80cts then talk | ||||
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