Delfi (P34) AI Stock Analysis

• Market Cap: $473.65M
• Dividend Yield: 3.68%
• Average Volume (3M): 402.64K
• Price to Earnings (P/E): 13.5
• Beta (1Y): 0.73
• Revenue Growth: -4.54%
• EPS Growth: -35.71%
• Country: SG
• Employees: 6,000
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 0.03
• Shares Outstanding: 611,157,000
• 10 Day Avg. Volume: 401,680
• 30 Day Avg. Volume: 402,643
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 0.59
• Enterprise Value/Gross Profit: 2.14
• Enterprise Value/Ebitda: 4.49
• 1Y Price Target: $0.99
• Price Target Upside: 27.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0

• Rating: 71 Outperform
• Price Target: S$1.00 ▲(28.21% Upside)

Delfi's overall stock score reflects a stable financial position with strong cash flow and low leverage, but challenges in revenue and profitability. The valuation is reasonable with an attractive dividend yield, while technical indicators suggest neutral momentum.

Positive Factors

Negative Factors

Delfi Business Overview & Revenue Model

Company Description

Delfi Limited, an investment holding company, manufactures, markets, distributes, and sells chocolate confectionery products in Indonesia, the Philippines, Malaysia, Singapore, and internationally. Its products include molded chocolates, dragees, enrobed wafers, biscuits, chocolate spreads, baking condiments, and beverages. The company also distributes a range of food, healthcare, and other consumer products, including agency brands; and provides management consulting and administrative services. It markets its products under the Delfi, SilverQueen, Van Houten, Ceres, TOP, Selamat, Goya, and Knick Knacks brand names through hypermarkets, supermarkets, wholesalers, and chain stores. The company was formerly known as Petra Foods Limited and changed its name to Delfi Limited in May 2016. The company was incorporated in 1984 and is based in Singapore.

How the Company Makes Money

Delfi (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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	646.96M	502.65M	538.15M	482.97M	405.13M	385.12M
Gross Profit	179.89M	137.82M	153.24M	148.31M	119.71M	110.11M
EBITDA	85.49M	63.05M	77.58M	75.46M	58.70M	44.57M
Net Income	40.63M	33.95M	46.26M	43.90M	29.27M	17.48M
Balance Sheet
Total Assets	402.82M	428.23M	420.94M	395.09M	363.90M	382.49M
Cash, Cash Equivalents and Short-Term Investments	69.95M	43.78M	59.38M	77.14M	86.24M	65.52M
Total Debt	38.87M	24.78M	40.97M	20.30M	11.45M	50.22M
Total Liabilities	143.82M	163.64M	154.72M	148.89M	124.59M	156.74M
Stockholders Equity	258.99M	264.58M	266.22M	246.19M	239.30M	225.63M
Cash Flow
Free Cash Flow	7.77M	23.64M	1.49M	3.80M	73.81M	37.48M
Operating Cash Flow	39.87M	52.57M	25.23M	7.74M	77.19M	42.41M
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: Positive
• Last Price: 0.78
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P34, the sentiment is Positive. The current price of 0.78 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 >-0.01 indicates Negative momentum. The RSI at 54.88 is Neutral, neither overbought nor oversold. The STOCH value of 68.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:P34.

Delfi Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MV4	73 Outperform	S$457.70M	5.97	4.70%	0.59%	47.72%	16.14%
P34	71 Outperform	$473.65M	13.45	10.03%	3.68%	-4.54%	-35.71%
5JS	71 Outperform	S$509.51M	5.30	7.82%	2.74%	13.03%	35.10%
Q01	69 Neutral	S$511.99M	19.60	6.95%	5.62%	-0.51%	-25.57%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%