The 4QFY2022 earnings beat was from lower operating expenses, despite a one-off stock compensation of US$2 million. Del Monte’s final dividend was also up 42% y-o-y to 1.7 US cents.
PhillipCapital’s head of research Paul Chew has maintained his “buy” rating and raised his target price on Del Monte to 69 cents, up from his previous figure of 63 cents.
Del Monte’s patmi for the 4QFY2022 ended April, which jumped 38% y-o-y to US$20.0 million ($27.7 million), surpassed Chew’s expectations.
