Delfi kept at ‘sell’ by OCBC with $2.15 fair value despite ‘better outlook’

SINGAPORE (June 10): OCBC Investment Research is keeping its “sell” call on Delfi, formerly known as Petra Foods, with an unchanged $2.15 fair value estimate.

To recap, the distributor of chocolate confectionery products proposed a capital reduction and cash distribution of US$60 million ($81.31 million) or 9.82 cents/share, to shareholders.

This takes place after disposing its entire consumer ingredients business to Barry Callebaut for a lump sum of US$38.8 million in cash, the final settlement for their 2015 dispute regarding the purchase price for the division. The expected payment date is June 24.

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