Delfi Limited (SG:P34)
SGX:P34
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Delfi
(SGX:P34)
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Rating:77Outperform
Price Target:
S$1.50
▲(26.05% Upside)
Action:ReiteratedDate:04/09/26
Overall score is driven primarily by solid financial quality (low leverage and strong 2025 cash-flow rebound), tempered by a post-2023 profitability softening and uneven growth. Technicals are supportive with price above major moving averages, and valuation is reasonable with a low-teens P/E and a moderate dividend yield.
Positive Factors
Conservative balance sheet
Very low leverage and steady equity growth materially strengthen financial flexibility. Lower debt reduces refinancing and interest-rate risk, enabling the company to fund working capital, capex or dividends from internal resources and better withstand demand shocks over months.
Negative Factors
Softening profitability since 2023
A material downcycle in gross and operating margins weakens earnings power and constrains reinvestment or payout capacity. If margin deterioration reflects structural cost or competitive pressures, recovery could be slow, limiting sustainable return on capital over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and steady equity growth materially strengthen financial flexibility. Lower debt reduces refinancing and interest-rate risk, enabling the company to fund working capital, capex or dividends from internal resources and better withstand demand shocks over months.
Read all positive factors
Delfi (P34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$721.17M
Dividend Yield3.56%
Average Volume (3M)812.39K
Price to Earnings (P/E)11.3
Beta (1Y)0.85
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$1.16Price Target Upside-2.67% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering4
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
1.19
Price Trends
0.99
Positive
0.91
Positive
0.85
Positive
Market Momentum
0.07
Negative
67.76
Neutral
78.54
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 1.19 is above the 20-day moving average (MA) of 1.04, above the 50-day MA of 0.99, and above the 200-day MA of 0.85, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 67.76 is Neutral, neither overbought nor oversold. The STOCH value of 78.54 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | S$721.17M | 11.33 | 7.15% | 3.56% | -4.54% | -35.71% | |
69 Neutral | S$2.14B | 15.54 | 3.66% | 3.10% | 7.43% | -6.37% | |
67 Neutral | S$1.71B | 27.90 | 13.05% | 4.60% | 13.97% | -49.60% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
48 Neutral | S$167.18M | 3.34 | 102.98% | ― | -48.05% | -364.94% |
* Consumer Defensive Sector Average
SG:P34
Delfi
1.19
0.52
76.82%
SG:D03
Del Monte Pacific
0.09
0.02
27.14%
SG:F99
Fraser & Neave
1.46
0.28
23.31%
SG:Y03
Yeo Hiap Seng Ltd
0.62
0.09
18.27%
SG:F03
Food Empire Holdings Limited
3.12
1.85
145.67%
SG:K03
Khong Guan Limited
0.89
0.02
1.72%
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.