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. 



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.

Equity Bottom-Up

<ul><li>Delfi is a branded confectionery and distribution business with credible own Brands, Indonesia exposure, Regional Markets breadth and net cash.</li><li>The starting point is positive, but not enough.</li><li>Cocoa, currency, trade spending, Agency Brands volatility and working capital all affect how much reported sales becomes owner cash. </li></ul>

Delfi is a branded confectionery and distribution business with credible own Brands, Indonesia exposure, Regional Markets breadth and net cash.The starting point is positive, but not enough.Cocoa, currency, trade spending, Agency Brands volatility and working capital all affect how much reported sales becomes owner cash. 

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

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>Delfi stock has rallied  , unlike Indonesian stocks which have been weak</li>
<li>Cocoa prices continue to fall. They have fallen to US $4180 per tonne falling 30% in January.</li>
<li>We think margins may not improve in near term, however the impact of margin improvement will happen next year 2nd Half.</li>
</ul>
 <div class="content-highlight">
 <h2>Raising Money for Persons with Disabilities in Singapore</h2>
 For your kind consideration
 This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
 All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
 To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> 
 </div>


Delfi stock has rallied  , unlike Indonesian stocks which have been weak
Cocoa prices continue to fall. They have fallen to US $4180 per tonne falling 30% in January.
We think margins may not improve in near term, however the impact of margin improvement will happen next year 2nd Half.

    
    Raising Money for Persons with Disabilities in Singapore
    For your kind consideration
    This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
    All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
    To contribute, please visit this URL. 
    
    

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>Delfi Ltd is a Southeast Asian chocolate confectionery company with a dominant franchise in Indonesia and an expanding presence in regional markets (Philippines, Malaysia, Singapore).</li><li>The Group operates a brand-led FMCG model supported by in-market manufacturing and an extensive regional sales and distribution network.</li><li>Delfi Limited remains the clear market leader in Indonesia’s chocolate confectionery sector, with a ~38% market share in 2024 supported by iconic brands such as SilverQueen and Ceres, and a broad and well-established distribution network.</li></ul>

Delfi Ltd is a Southeast Asian chocolate confectionery company with a dominant franchise in Indonesia and an expanding presence in regional markets (Philippines, Malaysia, Singapore).The Group operates a brand-led FMCG model supported by in-market manufacturing and an extensive regional sales and distribution network.Delfi Limited remains the clear market leader in Indonesia’s chocolate confectionery sector, with a ~38% market share in 2024 supported by iconic brands such as SilverQueen and Ceres, and a broad and well-established distribution network.

Delfi Limited: Indonesia’s Chocolate Leader; 3Q25 Results Signal Earnings Inflection

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)

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

Delfi Limited Initiating Coverage

Delfi is a branded confectionery and distribution business with credible own Brands, Indonesia exposure, Regional Markets breadth and net...

ICAM

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

Delfi : Its All About Coaoca Prices

Delfi stock has rallied as Cocoa prices have fallen sharply to $4180 per tonne. Margins may not improve in the near term, but expected to improve...

Punit Khanna

Delfi Limited: Indonesia’s Chocolate Leader; 3Q25 Results Signal Earnings Inflection

Delfi Ltd is a Southeast Asian chocolate confectionery company with a dominant franchise in Indonesia and an expanding presence in regional markets...

uSMART Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Delfi Limited Initiating Coverage

Delfi is a branded confectionery and distribution business with credible own Brands, Indonesia exposure, Regional Markets breadth and net...

ICAM

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

Delfi : Its All About Coaoca Prices

​Delfi stock has rallied as Cocoa prices have fallen sharply to $4180 per tonne. Margins may not improve in the near term, but expected to improve...

Punit Khanna

Delfi Limited: Indonesia’s Chocolate Leader; 3Q25 Results Signal Earnings Inflection

Delfi Ltd is a Southeast Asian chocolate confectionery company with a dominant franchise in Indonesia and an expanding presence in regional markets...

uSMART Securities

Delfi stock has rallied as Cocoa prices have fallen sharply to $4180 per tonne. Margins may not improve in the near term, but expected to improve...