"We believe Delfi remains a long-term takeover target, on its strong market share and extensive distribution network across Indonesia," he adds.
In a Dec 10 report, RHB Group Research maintains its "buy" call on chocolate maker Defi with a target price of 94 cents, a drop from $1.33 previously.
Analyst Alfie Yeo says: "We remain upbeat on Delfi, as cocoa prices are easing – which should strengthen margins. Despite lowering our projections, its FY2025-FY2027 earnings CAGR remains sturdy, at 16%. We still value the stock at 13x forward PE, pegging to FY2026 earnings and at close to +1 standard deviation from its post-pandemic historical mean PE."
