Revenue for FY2023 was up 12.7% y-o-y to US$538.2 million but earnings for the same period was up by a lower 5.4% to US$46.3 million.
Delfi has reported better FY2023, with both revenue and earnings up over the preceding year. While CGS International's Tay Wee Kuang is keeping his "add" call, he has trimmed his target price for the chocolate maker to take into account lower valuation multiples as growth is seen slower ahead.
In his Feb 28 note, Tay now rates Delfi at $1.47, down from $1.56 previously.
