Brokers' take

Delfi | Buy Target price: S$1.47 June 20 close: S$1.28 RHB Securities Research, June 20

WE remain optimistic for full-year results, as consumer confidence in Indonesia picks up. Meanwhile, Delfi's efforts to focus on core brands have shown positive results in sales since Q1 2018. We believe the uptick in volume could more than offset the negatives from rupiah depreciation.

Year-on-year growth could be propped up from a low base effect in 2017, when the retail environment was difficult for Delfi. Consumer spending was negatively affected by the withdrawal of electricity subsidies, while products were not readily available in mini-marts.