Delfi Limited (SG:P34)
SGX:P34
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Delfi
(SGX:P34)
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Select Model
Rating:72Outperform
Price Target:
S$1.00
â–²(25.00% Upside)
Action:ReiteratedDate: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
Conservative balance sheet / low leverage
Very low debt and rising equity provide durable financial flexibility: lowers refinancing and interest risk, supports investment or dividend policy without reliance on capital markets, and gives the company resilience through commodity cycles or revenue dips over the next several quarters.
Negative Factors
Uneven revenue growth / recent down year
Irregular top-line performance complicates planning and suggests the company is exposed to demand cyclicality or market-share pressures. Without a consistent growth trajectory, reinvestment returns and margin recovery are harder to sustain over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low debt and rising equity provide durable financial flexibility: lowers refinancing and interest risk, supports investment or dividend policy without reliance on capital markets, and gives the company resilience through commodity cycles or revenue dips over the next several quarters.
Read all positive factors
Delfi (P34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$583.65M
Dividend Yield3.56%
Average Volume (3M)812.39K
Price to Earnings (P/E)11.3
Beta (1Y)0.82
Revenue Growth-4.54%
EPS Growth-35.71%
CountrySG
Employees6,000
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)0.04
Shares Outstanding611,157,000
10 Day Avg. Volume659,940
30 Day Avg. Volume812,390
Financial Highlights & Ratios
PEG Ratio-31.44
Price to Book (P/B)1.37
Price to Sales (P/S)0.75
P/FCF Ratio5.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.01Price Target Upside26.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.05
Revenue Forecast (FY)S$516.07M
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, ...
How the Company Makes Money
Delfi (P34) makes money primarily by selling its branded food products—most notably chocolate confectionery—through wholesale and retail distribution channels. Revenue is generated when Delfi manufactures (or sources) products and sells them to tr...
Delfi Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
69
Positive
| 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
Positive
0.80
Price Trends
0.93
Positive
0.87
Positive
0.83
Positive
Market Momentum
<0.01
Positive
51.94
Neutral
73.28
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 0.93, and below the 200-day MA of 0.83, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.94 is Neutral, neither overbought nor oversold. The STOCH value of 73.28 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$572.39M | 12.92 | 5.33% | 5.62% | -0.51% | -25.57% | |
72 Outperform | S$583.65M | 11.33 | 9.80% | 3.56% | -4.54% | -35.71% | |
70 Outperform | S$565.34M | 5.12 | 8.01% | 2.67% | 13.03% | 35.10% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
59 Neutral | S$480.21M | 6.21 | 7.17% | 2.72% | 47.72% | 16.14% |
* Consumer Defensive Sector Average
SG:P34
Delfi
0.96
0.21
29.05%
SG:MV4
Mewah International Inc.
0.32
0.07
26.98%
SG:Q01
QAF Ltd.
1.00
0.18
21.34%
SG:Y03
Yeo Hiap Seng Ltd
0.60
0.03
5.45%
SG:5JS
Indofood Agri Resources Ltd.
0.41
0.10
31.07%
SG:BEW
JB Foods Ltd.
0.69
0.28
68.29%
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.