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Delfi Limited (SG:P34)
SGX:P34
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Delfi (P34) AI Stock Analysis

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SG:P34

Delfi

(SGX:P34)

Rating:68Neutral
Price Target:
S$1.00
▲(31.58% Upside)
Delfi's overall stock score is driven by its stable financial position and attractive dividend yield. However, the bearish technical indicators and declining profitability margins weigh on the score. The absence of recent earnings call data and corporate events limits additional insights.
Positive Factors
Cash Position
Management remains confident in navigating near-term pressures, backed by a healthy net cash position of US$52m and strong cash flow.
Market Leadership
Delfi has maintained its market leadership position in Indonesia’s chocolate confectionery segment over the past decade.
Negative Factors
Margin Compression
A less favorable product mix led to margin compression, with gross and EBITDA margins contracting year over year.
Profitability Pressures
Weaker consumer sentiment, coupled with elevated cocoa prices and a weaker Rp against US$, could pressure profitability in the near term.

Delfi (P34) vs. iShares MSCI Singapore ETF (EWS)

Delfi Business Overview & Revenue Model

Company DescriptionDelfi (P34) is a prominent player in the confectionery industry, specializing in the production and distribution of a wide range of chocolate and non-chocolate confectionery products. The company is known for its strong presence in Southeast Asia, catering to a diverse consumer base with a variety of popular brands and product lines that emphasize quality and taste.
How the Company Makes MoneyDelfi (P34) generates revenue primarily through the sale of its confectionery products across various channels, including retail, wholesale, and e-commerce. The company's revenue streams are bolstered by its strong brand portfolio and extensive distribution network throughout Southeast Asia. Significant partnerships with retailers and distributors enhance its market reach and consumer accessibility. Additionally, Delfi's focus on brand innovation and product diversification contributes to its financial performance, allowing it to capitalize on shifting consumer preferences and expand its market share.

Delfi Financial Statement Overview

Summary
Delfi exhibits a stable financial position with strong cash flow generation and low leverage. However, the decline in revenue and profitability margins indicates challenges in maintaining growth and operational efficiency. The company should focus on reversing the revenue decline and improving profit margins to enhance its financial performance.
Income Statement
68
Positive
Delfi's income statement shows a mixed performance. The Gross Profit Margin for 2024 is approximately 27.4%, indicating a solid ability to cover its production costs. However, the Net Profit Margin decreased to about 6.8% from 8.6% in 2023, reflecting a decline in profitability. Revenue has decreased by approximately 6.6% from 2023 to 2024, which is a concern. The EBIT Margin stands at 10.1%, and the EBITDA Margin at 12.5%, both showing a decrease compared to the previous year, indicating reduced operational efficiency.
Balance Sheet
75
Positive
Delfi's balance sheet remains strong with a Debt-to-Equity Ratio of approximately 0.09, indicating low leverage and financial stability. The Return on Equity (ROE) for 2024 is about 12.8%, which is a decrease from 17.4% in 2023, suggesting reduced efficiency in generating profits from equity. The Equity Ratio is around 61.8%, reflecting a solid equity base relative to total assets, which enhances financial stability.
Cash Flow
70
Positive
The cash flow statement reveals a robust Operating Cash Flow to Net Income Ratio of 1.55, indicating strong cash generation relative to net income. Free Cash Flow increased significantly from 2023 to 2024, showing a growth rate of 1490%, which is a positive sign of improved cash management. However, the Free Cash Flow to Net Income Ratio is 0.70, suggesting room for improvement in converting net income into free cash flow.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue646.96M502.65M538.15M482.97M405.13M385.12M
Gross Profit179.89M137.82M153.24M148.31M119.71M110.11M
EBITDA85.49M63.05M77.58M75.46M58.70M44.57M
Net Income40.63M33.95M46.26M43.90M29.27M17.48M
Balance Sheet
Total Assets402.82M428.23M420.94M395.09M363.90M382.49M
Cash, Cash Equivalents and Short-Term Investments69.95M43.78M59.38M77.14M86.24M65.52M
Total Debt38.87M24.78M40.97M20.30M11.45M50.22M
Total Liabilities143.82M163.64M154.72M148.89M124.59M156.74M
Stockholders Equity258.99M264.58M266.22M246.19M239.30M225.63M
Cash Flow
Free Cash Flow7.77M23.64M1.49M3.80M73.81M37.48M
Operating Cash Flow39.87M52.57M25.23M7.74M77.19M42.41M
Investing Cash Flow-41.56M-28.79M-23.97M-3.61M-196.00K-4.84M
Financing Cash Flow-32.53M-34.93M-22.66M-13.12M-54.74M-28.21M

Delfi Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.76
Price Trends
50DMA
0.79
Negative
100DMA
0.75
Positive
200DMA
0.74
Positive
Market Momentum
MACD
-0.02
Negative
RSI
47.33
Neutral
STOCH
24.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P34, the sentiment is Neutral. The current price of 0.76 is above the 20-day moving average (MA) of 0.76, below the 50-day MA of 0.79, and above the 200-day MA of 0.74, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 47.33 is Neutral, neither overbought nor oversold. The STOCH value of 24.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:P34.

Delfi Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
$464.48M13.1910.03%3.75%-4.54%-35.71%
63
Neutral
$20.52B14.80-2.68%3.09%1.95%-4.76%
€318.76M5.427.17%
69
Neutral
S$520.62M19.935.51%5.52%-0.51%-25.57%
S$382.58M72.620.94%
72
Outperform
S$502.53M5.228.46%2.78%13.03%35.10%
S$168.06M5.9714.91%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:P34
Delfi
0.76
<0.01
0.13%
DE:MWX
Mewah International Inc.
0.19
0.03
18.75%
SG:Q01
QAF Ltd.
0.90
0.13
16.88%
SG:Y03
Yeo Hiap Seng Ltd
0.61
0.09
17.31%
SG:5JS
Indofood Agri Resources Ltd.
0.36
0.06
20.00%
SG:BEW
JB Foods Ltd.
0.48
0.02
4.35%

Delfi Corporate Events

Delfi Limited Conducts Annual General Meeting with New Leadership
May 28, 2025

Delfi Limited held its Annual General Meeting (AGM) on April 29, 2025, at the Singapore Marriott Tang Plaza Hotel. The meeting was chaired by Mr. Doreswamy Nandkishore, who expressed his gratitude for the trust placed in him as the new Chairman and acknowledged the contributions of the former Chairman, Mr. Pedro Mata-Bruckmann. The AGM included a poll voting process facilitated by Boardroom Corporate & Advisory Services and MSA Business Solutions, with a demonstration provided to familiarize shareholders with the system.

The most recent analyst rating on (SG:P34) stock is a Hold with a S$0.96 price target. To see the full list of analyst forecasts on Delfi stock, see the SG:P34 Stock Forecast page.

Delfi Limited Reports Resilient Q1 2025 Amidst Industry Challenges
May 20, 2025

Delfi Limited reported a slight decline in net sales for the first quarter of 2025, with a 0.5% year-on-year decrease in US dollar terms, but a 1.5% increase on a constant currency basis. The company faced challenges due to weaker regional currencies and reduced promotional spending by agency partners in Indonesia. However, increased sales in its Own Brands segment, particularly in premium products, helped offset these declines and maintain market share in Indonesia.

The most recent analyst rating on (SG:P34) stock is a Hold with a S$0.96 price target. To see the full list of analyst forecasts on Delfi stock, see the SG:P34 Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 14, 2025