Elevator Pitch
I assign a Neutral rating to Philippine food ingredient supplier D&L Industries, Inc. (OTCPK:DLNDY) [DNL:PM].
D&L Industries is the outright market leader for the various businesses it operates, and there could be potential for market share gains in the medium term due to Covid-19. In addition, D&L Industries is expected to see a strong earnings recovery in 2H 2020, after a poor financial performance in 1H 2020. But the risk of a tightening of social distancing measures in the Philippines going forward remains high, given that daily new confirmed cases of