Delfi (P34) AI Stock Analysis

• Market Cap: S$617.27M
• Dividend Yield: 3.56%
• Average Volume (3M): 812.39K
• Price to Earnings (P/E): 14.9
• Beta (1Y): 0.79
• Revenue Growth: -4.54%
• EPS Growth: -35.71%
• Country: SG
• Employees: 6,000
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Food Confectioners
• EPS (TTM): 0.04
• Shares Outstanding: 611,157,000
• 10 Day Avg. Volume: 659,940
• 30 Day Avg. Volume: 812,390
• PEG Ratio: -31.44
• Price to Book (P/B): 1.37
• Price to Sales (P/S): 0.75
• P/FCF Ratio: 5.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.06
• Price Target Upside: 32.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.05
• Revenue Forecast (FY): S$516.07M

• Rating: 72 Outperform
• Price Target: S$1.00 ▲(25.00% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is driven primarily by a conservative, low-debt balance sheet and a strong 2025 cash-flow rebound. Technicals are supportive due to a clear uptrend, but overbought signals raise near-term pullback risk. Valuation is fair with a moderate dividend yield, though not compelling enough to fully offset the post-2023 profitability reset.

Positive Factors

Low leverage / strong balance sheet

Very low leverage materially lowers refinancing and solvency risk and gives management flexibility to fund capex, dividends, or M&A from internal resources. A conservatively positioned balance sheet supports resilience through business cycles and underpins capital allocation over the medium term.

2025 operating and free cash flow rebound

A sharp improvement in operating and free cash flow increases the company’s ability to self-fund operations, service commitments, and invest in growth without relying on external financing. Strong cash conversion in 2025 improves liquidity and gives durable capacity for shareholder returns and strategic investment.

Steady equity growth and solid ROE

Consistent equity growth and low‑teen ROE indicate the business generates acceptable returns on capital while retaining earnings to strengthen the balance sheet. This combination supports sustainable dividend policy and reinvestment potential, helping preserve long‑term shareholder value.

Negative Factors

Softening profitability and margins

Material margin erosion versus the 2022–2023 peak reduces intrinsic earnings power and limits free cash flow upside. If lower gross and operating margins persist, the company may face pressure on returns, limiting reinvestment and dividend capacity until structural cost or pricing improvements occur.

Uneven revenue growth

Volatile top‑line performance, including a 2024 decline, reduces predictability of future earnings and hampers long‑range planning. Persistent uneven growth suggests demand sensitivity or competitive pressures that could constrain sustainable market share expansion absent product or channel improvements.

Historic cash‑flow volatility and working‑capital risk

Past episodes of very weak free cash flow and inconsistent operating cash conversion highlight working‑capital and cyclical risks. Even with a 2025 rebound, historical volatility implies cash generation may falter in stress periods, raising the need to monitor liquidity buffers and cash conversion durability.

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 generates revenue through multiple streams, primarily by selling its confectionery and snack products to retailers and distributors across its operational regions. The company benefits from economies of scale in production, which allows it to maintain competitive pricing while ensuring quality. Key revenue streams include direct sales to supermarkets, convenience stores, and online platforms, as well as export sales to international markets. Additionally, Delfi engages in strategic partnerships with other brands and distributors, enhancing its market presence and expanding its product offerings. Seasonal promotions and innovative marketing campaigns further contribute to sales growth, while brand loyalty and recognition in key markets bolster repeat purchases.

Delfi Financial Statement Overview

Summary

Strong balance sheet with very low leverage and solid equity growth supports resilience, and 2025 operating/free cash flow rebounded sharply. Offsetting this, profitability and margins have softened materially since the 2022–2023 peak and revenue growth has been uneven, keeping the financial profile strong but not top-tier.

Income Statement

Revenue has grown over the long run (2020–2025), but growth has been uneven, including a down year in 2024 before a modest rebound in 2025. Profitability peaked in 2022–2023 and then softened materially in 2024–2025, with lower gross margin and a notable decline in operating profitability versus 2023; net margin is still positive and relatively steady around the mid‑single digits, but overall earnings power looks to be in a mild downcycle from prior highs.

Balance Sheet

The balance sheet is conservatively positioned with low leverage (debt-to-equity fell to ~0.05 in 2025 from ~0.15 in 2023), providing financial flexibility and lowering refinancing risk. Equity has steadily grown over time, and returns on equity are solid (low‑teens in 2024–2025), though below the stronger levels seen in 2022–2023—suggesting profitability, not leverage, is the main swing factor.

Cash Flow

Cash generation is a key strength recently: 2025 operating cash flow and free cash flow are very strong, with free cash flow improving sharply versus 2024 and covering a large portion of earnings. That said, cash flow has been volatile historically (very weak free cash flow in 2022–2023), and operating cash flow has not consistently kept pace with earnings across the period—so durability and working-capital stability remain the main watch items.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	501.40M	507.83M	502.65M	538.15M	477.49M	405.13M
Gross Profit	134.05M	134.82M	137.82M	153.24M	145.51M	119.71M
EBITDA	45.71M	52.24M	63.05M	77.58M	75.46M	58.70M
Net Income	26.57M	33.75M	33.95M	46.26M	43.90M	29.27M
Balance Sheet
Total Assets	445.88M	436.32M	428.23M	420.94M	395.09M	363.90M
Cash, Cash Equivalents and Short-Term Investments	81.64M	67.96M	43.78M	59.38M	77.14M	86.24M
Total Debt	19.97M	14.54M	30.66M	40.97M	21.18M	11.45M
Total Liabilities	175.28M	157.23M	163.64M	154.72M	148.89M	124.59M
Stockholders Equity	270.59M	279.09M	264.58M	266.22M	246.19M	239.30M
Cash Flow
Free Cash Flow	64.32M	68.94M	23.64M	1.49M	3.80M	73.81M
Operating Cash Flow	72.56M	78.33M	52.57M	25.23M	7.74M	77.19M
Investing Cash Flow	-8.56M	-25.62M	-28.79M	-23.97M	-3.61M	-196.00K
Financing Cash Flow	-33.99M	-28.13M	-34.93M	-22.66M	-13.12M	-54.74M

Delfi Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.80
• 50DMA: Positive
• 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 0.8 is below the 20-day moving average (MA) of 0.95, below the 50-day MA of 0.87, and below the 200-day MA of 0.81, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 61.78 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 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
Q01	73 Outperform	S$569.52M	14.57	5.51%	5.62%	-0.51%	-25.57%
P34	72 Outperform	S$617.27M	14.91	10.03%	3.56%	-4.54%	-35.71%
5JS	68 Neutral	S$509.51M	5.19	8.46%	2.67%	13.03%	35.10%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MV4	62 Neutral	S$457.70M	6.75	7.17%	2.72%	47.72%	16.14%

Delfi Corporate Events

Delfi Limited Announces Retirement of Key Executive

Delfi Limited announced the retirement of Mr. Ferry Haryanto, a key executive who has served the company for 21 years, primarily as President Director of PT Nirwana Lestari. Mr. Haryanto will retire on December 31, 2025, and his responsibilities will be transitioned to Mr. Joseph Chuang, the Group Chief Growth and Marketing Officer, ensuring a smooth handover. The company expressed gratitude for Mr. Haryanto’s contributions and wished him well in his future endeavors.

The most recent analyst rating on (SG:P34) stock is a Hold with a S$0.80 price target. To see the full list of analyst forecasts on Delfi stock, see the SG:P34 Stock Forecast page.