Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Equity Bottom-Up

<ul><li>Own Brands carried the top line: Revenue rose 2.7% YoY to USD266.6mn (+2.9% at constant currency). Own Brands grew 13.3% to USD172.9mn (64.9% of sales) while Agency Brands fell 12.4% after the 3QFY25 exit from an agency account.</li><li>Gross margin narrowed: Gross profit margin (GPM) fell 180bps YoY to 25.7%, which the company attributes to higher raw material costs, a 4.0% weaker rupiah and 4.5% weaker peso. The derived 2QFY26 GPM was about 24.4%.</li><li>FX gain and lower tax lifted profit: PATMI rose 5.4% to USD12.9mn, helped by a USD2.6mn net FX gain (1HFY25: USD0.2mn loss) and a 29.9% tax rate (1HFY25: 34.3%). If accounting for 1HFY25’s Philippines streamlining one-offs, PATMI is then flat YoY. EBITDA fell 3.7% to USD23.4mn, or 14.7% excluding FX.</li></ul>

Own Brands carried the top line: Revenue rose 2.7% YoY to USD266.6mn (+2.9% at constant currency). Own Brands grew 13.3% to USD172.9mn (64.9% of sales) while Agency Brands fell 12.4% after the 3QFY25 exit from an agency account.Gross margin narrowed: Gross profit margin (GPM) fell 180bps YoY to 25.7%, which the company attributes to higher raw material costs, a 4.0% weaker rupiah and 4.5% weaker peso. The derived 2QFY26 GPM was about 24.4%.FX gain and lower tax lifted profit: PATMI rose 5.4% to USD12.9mn, helped by a USD2.6mn net FX gain (1HFY25: USD0.2mn loss) and a 29.9% tax rate (1HFY25: 34.3%). If accounting for 1HFY25’s Philippines streamlining one-offs, PATMI is then flat YoY. EBITDA fell 3.7% to USD23.4mn, or 14.7% excluding FX.

Delfi Limited Midyear Update: 1HFY26 Results

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>Maintain OUTPERFORM; TP lowered to S$0.86 from S$0.88.</li><li>1H26 reinforced the demand side of our thesis: Own Brands sales rose 13.3% YoY and Regional Markets grew 11.7% reported, while gross margin fell 180bps to 25.7% and EBITDA declined 3.7%.</li><li>Reported PATMI rose 5.4% despite lower PBT, supported by lower tax expense; FX gains also cushioned earnings but were already reflected in reported results.</li></ul>

Maintain OUTPERFORM; TP lowered to S$0.86 from S$0.88.1H26 reinforced the demand side of our thesis: Own Brands sales rose 13.3% YoY and Regional Markets grew 11.7% reported, while gross margin fell 180bps to 25.7% and EBITDA declined 3.7%.Reported PATMI rose 5.4% despite lower PBT, supported by lower tax expense; FX gains also cushioned earnings but were already reflected in reported results.

Delfi Limited: Earnings Update (17 September 2026)

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>Delfi reported 1HFY2026 results, and the stock has fallen 12.92% since our initiating report of 8 June 2026.</li><li>Net sales rose 2.7% while gross profit fell 4.1% and EBITDA fell 3.7% and profit attributable to shareholders rose 5.4% only because the tax charge fell 14.0%.</li><li>Two senior posts have changed hands since April 2026, and the interim dividend held at 50% of reported profit. </li></ul>

Delfi reported 1HFY2026 results, and the stock has fallen 12.92% since our initiating report of 8 June 2026.Net sales rose 2.7% while gross profit fell 4.1% and EBITDA fell 3.7% and profit attributable to shareholders rose 5.4% only because the tax charge fell 14.0%.Two senior posts have changed hands since April 2026, and the interim dividend held at 50% of reported profit. 

<ul><li>Delfi Limited is a Singapore-listed, family-controlled chocolate confectionery manufacturer and consumer-goods distributor whose roots in Indonesia date to ~1950.</li><li>It manufactures proprietary brands at its centralised Bandung hub and distributes them, alongside a third-party Agency Brands portfolio (established 1987), across Indonesia, Malaysia, the Philippines and Singapore.</li><li>Delfi has held &gt;30% market share of the Indonesia chocolate-confectionery market for over a decade. </li></ul>

Delfi Limited is a Singapore-listed, family-controlled chocolate confectionery manufacturer and consumer-goods distributor whose roots in Indonesia date to ~1950.It manufactures proprietary brands at its centralised Bandung hub and distributes them, alongside a third-party Agency Brands portfolio (established 1987), across Indonesia, Malaysia, the Philippines and Singapore.Delfi has held &gt;30% market share of the Indonesia chocolate-confectionery market for over a decade. 

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

Singapore

Delfi Limited is a Singapore-headquartered investment holding company that manufactures, markets, and distributes chocolate confectionery and related consumer products. Its portfolio includes popular brands like SilverQueen, Ceres, Delfi, Goya, and KnickKnacks, primarily serving Indonesia, the Philippines, Singapore, and Malaysia, and exporting to over 10 other countries. The company was incorporated in Singapore in 1984 and is headquartered in Singapore.

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Delfi (DELFI SP)

Delfi Limited Midyear Update: 1HFY26 Results

Own Brands carried the top line: Revenue rose 2.7% YoY to USD266.6mn (+2.9% at constant currency). Own Brands grew 13.3% to USD172.9mn (64.9% of...

Swaen Capital

Delfi Limited: Earnings Update (17 September 2026)

Demand resilient; margin recovery remains unproven. Maintain OUTPERFORM; TP lowered to S$0.86 from S$0.88. 1H26 reinforced the demand side of our...

uSMART Securities

Delfi Limited Earnings Update

Delfi reported 1HFY2026 results, and the stock has fallen 12.92% since our initiating report of 8 June 2026. Net sales rose 2.7% while gross...

ICAM

Delfi Limited: Weathering the Next Storm

Delfi Limited is a Singapore-listed, family-controlled chocolate confectionery manufacturer and consumer-goods distributor whose roots in...

Swaen Capital

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

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