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

<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

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>
In the past year, cocoa prices have spiked to elevated levels.
</li>
<li>
The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.
</li>
<li>
There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 
</li>
</ul>



In the past year, cocoa prices have spiked to elevated levels.


The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.


There’s nothing suggesting that the tightness in the cocoa market will end anytime soon. 



Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>UOB Kay Hian downgrades DBS to 'hold' and keeps 'buy' rating on OCBC.</li><li>UOBKH's Tang cuts Huationg's target price to 88 cents due to rising fuel costs.</li><li>RHB's Yeo keeps Nam Cheong rating at 'buy' with a $2.05 target price.</li></ul>

UOB Kay Hian downgrades DBS to 'hold' and keeps 'buy' rating on OCBC.UOBKH's Tang cuts Huationg's target price to 88 cents due to rising fuel costs.RHB's Yeo keeps Nam Cheong rating at 'buy' with a $2.05 target price.

Singapore Market Roundup (26-Aug-2026): UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on

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: 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

The cocoa question

In the past year, cocoa prices have spiked to elevated levels. The culprit has been heavy rainfall in West Africa, leading to poor cocoa crops.

Asian Century Stocks

Singapore Market Roundup (26-Aug-2026): UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on

UOB Kay Hian downgrades DBS to 'hold', maintains 'buy' on OCBC. Huationg's target price cut to 88 cents; Nam Cheong remains 'buy' at $2.05 target.

Singapore Market Roundup

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