reports
- Heidi Mo Jinghui
- John Cheong Ming Chern
Singapore Daily - Thursday, May 22, 2025
KEY HIGHLIGHTS Results Delfi (DELFI SP/HOLD/S$0.715/Target: S$0.82): 1Q25: In line; promotions and cocoa prices weigh on profitability. Frencken Group (FRKN SP/BUY/S$1.13/Target: S$1.40): 1Q25: Results in line; moderate revenue growth outshines peers. TRADERS’ CORNER City Developments (CIT SP): Trading BUY Keppel DC REIT (KDCREIT SP): Trading BUY
- Bella Lu Yifei
- Benjaphol Suthwanish
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, May 22, 2025
GREATER CHINA Results Baidu Inc (9888 HK/HOLD/HK$86.10/Target: HK$91.00) 1Q25: Solid earnings beat, fuelled by AI cloud growth and monetisation visibility. XPeng Inc (9868 HK/BUY/HK$77.55/Target: HK$150.00) 1Q25: Results beat expectations. Maintain BUY with a target price of HK$150.00. INDONESIA Strategy Indonesia’s State Budget Position As Of Apr 25 Surplus returns, mom improvement in revenue collections, spen...
PTT PTT PUBLIC COMPANY LIMITED
ANTM PT ANEKA TAMBANG TBK
QH QUALITY HOUSES
1295 PUBLIC BANK BHD
P34 DELFI
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
ACES PT ACE HARDWARE INDONESIA TBK
ICBP INDOFOOD CBP SUKSES MAKMUR T
SPSB SP SETIA BHD
FRKN FRENCKEN GROUP LTD
09888 BAIDU INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
09868 XPENG INC
ECOSHOP MK ECO-SHOP MARKETING BHD
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 1Q25: In Line; Promotions And Cocoa Prices Weigh On...
Delfi’s 1Q25 revenue of US$150m (-0.5% yoy) and EBITDA of US$17m (-27% yoy) were in line with expectations, both forming 29% of our full-year forecasts amid festive demand. Revenue dipped on currency depreciation, while margins narrowed on lower operating leverage and higher promotions. Despite high cocoa prices, management remains confident in navigating near-term pressures, backed by a healthy net cash position of US$52m and strong cash flow. Maintain HOLD with a target price of S$0.82.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kate Luang
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Tuesday, March 11, 2025
GREATER CHINA Initiate Coverage JBM Healthcare (2161 HK/BUY/HK$1.82/Target: HK$2.42) Revitalising iconic pharma heritage brands. Results Wharf Real Estate Investment Co (1997 HK/BUY/HK$20.55/Target: HK$23.10) 2024: Underlying net profit met expectation; lower finance costs being key driver of profits amid top-line uncertainties. Update Jiumaojiu International Holdings (9922 HK/HOLD/HK$3.08/Target: HK$3.00) ...
ORI ORIGIN PROPERTY
QH QUALITY HOUSES
P34 DELFI
SPALI SUPALAI PCL
AP AP THAILAND
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
LPN LPN DEVELOPMENT PCL
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
PSH PRUKSA HOLDING PCL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
HRUM HARUM ENERGY TBK PT
APEO ABRDN PRIVATE EQUITY OPPORTUNITIES
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 2024: Earnings Miss; Elevated Cocoa Prices Expected...
Delfi’s 2024 earnings of US$34m (-27% yoy) missed our expectations, forming 91% of our full-year forecast. This was due to higher-than-expected promotion spending aimed at increasing market share in the competitive environment. A final dividend of 1.18 US cents/share was declared, bringing total 2024 dividend to 3.25 US cents/share (or a decent 6% yield). High cocoa prices continue to pressure profitability. Maintain HOLD with a lower target price of S$0.82 (S$0.86 previously).
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Benjaphol Suthwanish
- Benyamin Mikael
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kasemsun Koonnara
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Notes - Monday, November 25, 2024
GREATER CHINA Sector Sportswear: Diverging consumption trends; uncertainties remain for full-year retail sales. INDONESIA Results Trimegah Bangun Persada (NCKL IJ/BUY/Rp835/Target: Rp1,480): 3Q24: Strongest quarterly earnings after IPO; above expectations. MALAYSIA Results Bumi Armada (BAB MK/BUY/RM0.55/Target: RM0.65): 3Q24: Profit surprised on the upside again. We opine that markets will look beyond legacy impairments, as sentiment will be buoyed by merger rumours and possible non-FPSO contr...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 3Q24: Revenue In Line; Margin Pressures Continue
Delfi’s 3Q24 revenue and EBITDA declined to US$118m (-6% yoy) and US$9m (-32% yoy) respectively, with 9M24 revenue and EBITDA forming 77%/61% of our full-year estimates. Excluding forex impact, Indonesia’s sales fell yoy due to lower demand and a 3Q23 agency brand termination. The outlook remains challenging with high cocoa prices and Indonesia’s shrinking middle class. Maintain HOLD with a lifted target price of S$0.86 (S$0.83 previously) as we roll over our valuation base year.
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Anas Fitri Bin Ahmad
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kong Ho Meng
- Paula Ruth
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, September 06, 2024
GREATER CHINA Sector Property Management: 1H24 results wrap-up: Moderate growth in 1H24; facing expansion pressure. INDONESIA Update Champ Resto Indonesia (ENAK IJ/BUY/Rp1,065/Target: Rp1,300): 2025 NPAT to grow 38% yoy; to expand three existing brands; maintain BUY. MALAYSIA Sector Oil & Gas: Petronas 1H24: Despite capex catch-up, volume growth is still slowing qoq. We fear more speed bumps ahead (MLNG outage will not look good for Petronas) while negotiating terms with Petros. Update IOI Cor...
- Heidi Mo Jinghui
- John Cheong Ming Chern
Delfi (DELFI SP) - 2Q24: Results Fall Short; Hurdles Remain
Delfi’s 1H24 revenue and PATMI of US$260m (-8% yoy) and US$20m (-22% yoy) respectively missed our expectations, both forming 45% of our full-year estimates. The poorer results came on currency depreciation, weaker demand for its own brands and termination of an agency brand in Indonesia. Despite this, interim dividend was maintained at 2.06 US cents/share. As headwinds such as high cocoa prices remain, we maintain HOLD with a lower target price of S$0.83 (S$1.07 previously).
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kochakorn Sutaruksanon
- Kwanchai Atiphophai
- Limartha Adhiputra
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Wednesday, May 17, 2023
GREATER CHINA Economics Economic Activity: April data disappoints, but not expecting significant step-up in policy easing. Results Baidu Inc (9888 HK/BUY/HK$124.30/Target: HK$187.00): 1Q23: Solid ad and cloud recovery; strong earnings beat; generative AI as key focus. Update Frontage Holdings Corporation (1521 HK/BUY/HK$2.21/Target: HK$3.10): Experiencing significant business recovery from Mar 23. INDONESIA Shariah Gems Conference Highlights Vale Indonesia (INCO IJ/BUY/Rp6,475/Target: Rp8,000):...
Delfi Limited: 1 director
A director at Delfi Limited bought 2,500,000 shares at 0.000SGD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
DELFI LTD. sees an upgrade to Positive due to a better fundamental sta...
The general evaluation of DELFI LTD. (SG), a company active in the Food Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 29, 2017, the closing price was SGD 1.51 and its po...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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