Broker: Lim & Tan Securities
Date of Report: 13 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

Overseas Education Limited (OEL, S$0.17):
OEL reported strong academic results but saw net profit drop sharply to S$0.2 million (from S$6.3 million). This was due to lower enrolment and increased competition. Average enrolment dropped to 2,297 (from 2,411). Despite the weak financials, the Board proposed a final dividend of S$0.007, reflecting confidence in long-term fundamentals. OEL’s market cap is S$70mln, trading at 170x PE, 0.5x PB, and a 4.1% yield. No analyst coverage or target price.
Action: No explicit call, but dividend remains.

Delfi Limited (S$1.14):
Delfi posted full-year net sales of US$500.1m and PATMI of US$33.2m, declining slightly due to currency effects and termination of an agency brand account. Own brands, especially in Indonesia, performed well. The Board proposed a final dividend of 1.72 US cents/share (total 2.72 US cents for the year, ~50% payout). Delfi trades at 1.9x PB, 16.6x PE, and 3.1% yield. Bloomberg consensus target price is S$1.02 (10.5% downside). Action: Maintain “Accumulate on Weakness” due to resilient net cash and potential margin improvement if cocoa prices remain lower.

Key Actionable Insight:
For Delfi (S$1.14), investors are advised to accumulate on weakness, despite a consensus target price of S$1.02 indicating downside, due to stabilizing cocoa prices and strong cash position.
No actionable call for OEL, but dividend payout continues.

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