In today’s briefing:
- Delta Djakarta (DLTA IJ) Q4 2023: Return to Growth, Prefer MLBI IJ as Market Leader
Delta Djakarta (DLTA IJ) Q4 2023: Return to Growth, Prefer MLBI IJ as Market Leader
- Delta Djakarta (DLTA IJ) came out with subpar FY23 results, with revenues/profits down 5%/13% YoY with a loss of marketshare to Multi Bintang Indonesia (MLBI IJ)
- Q4 2023 showed an improvement, with revenues/profits up 1.5%/4% YoY, breaking a sequence of three consecutive quarters of negative growth.
- Trading at 13x FY23 PE with 25% of the market cap in cash and 9-10% dividend yield, the stock is worth exploring, although we prefer Multi Bintang Indonesia (MLBI IJ)
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