Dali Foods 1Q Shows Bright Spots, But Recovery Is Slow -- Market Talk

Dow Jones2023-06-05

0748 GMT - Jefferies is more cautious on Dali Foods' sales than the market, seeing it as fairly valued and keeping its hold rating. The food-and-beverage company's 1Q showed recovering sales and a better gross margin thanks to easing cost pressures and a favorable product mix, but also a continued drag from weak consumer sentiment, analysts Lisa Liao and Anne Ling say. They cut 2023-2025 earnings estimates for Dali by 8%-9% "to factor in a slower pace of recovery on sales growth and continuous marketing investments," and tip 1H sales and profit growth at 1.9% and 5.1%, respectively. They accordingly cut the stock's target 16% to HK$3.10. Shares were recently at HK$2.65, down about 25% year to date. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

June 05, 2023 03:48 ET (07:48 GMT)

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