Smartkarma AI Primers, Smartkarma

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Smartkarma AI Primers

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Research Reinvented

Equity Bottom-Up

<ul>
  <li>Delfi is the market leader in the Indonesian chocolate confectionery market, possessing strong brand equity with heritage brands like 'SilverQueen' and 'Ceres'.</li>
  <li>The company faces significant headwinds from volatile cocoa prices, which pressure gross margins, and increasing competition in its core Indonesian market.</li>
  <li>Despite challenges, Delfi maintains a strong balance sheet with minimal debt and trades at a valuation discount to global peers, offering a substantial dividend yield supported by stable cash flow generation.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Delfi is the market leader in the Indonesian chocolate confectionery market, possessing strong brand equity with heritage brands like 'SilverQueen' and 'Ceres'.
  The company faces significant headwinds from volatile cocoa prices, which pressure gross margins, and increasing competition in its core Indonesian market.
  Despite challenges, Delfi maintains a strong balance sheet with minimal debt and trades at a valuation discount to global peers, offering a substantial dividend yield supported by stable cash flow generation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>OCBC and CGSI keep buy recommendations for Info-Tech Systems.                                       </li>
<li>Maybank rates Info-Tech Systems as a 'buy' at $1.46.</li>
<li>DBS keeps ‘hold’ rating and $1 target for Delfi.</li>
</ul>


OCBC and CGSI keep buy recommendations for Info-Tech Systems.                                       
Maybank rates Info-Tech Systems as a 'buy' at $1.46.
DBS keeps ‘hold’ rating and $1 target for Delfi.


Singapore Market Roundup (13-Aug-2026): OCBC and CGSI maintain buy ratings for Info-Tech Systems.

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

<ul>
<li>Delfi announced 3rd qtr. update: Revenue increasing 4.9%. This is in contrast to1st Half when revenues were flat.</li>
<li>Revenue growth in Indonesia was driven by both pricing and volume gain in key brands in Indonesia &amp; by regional markets</li>
<li>Indonesia sales would be higher at 6.9% on constant currency basis.</li>
</ul>
    <div class="content-highlight">
    <h2>Raising Money for Persons with Disabilities in Singapore</h2>
    <p><strong><em>For your kind consideration</em></strong></p>
    <p><em>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.</em></p>
    <p><em>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.</em></p>
    <p data-start="635" data-end="669">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> </p>
    </div>
    


Delfi announced 3rd qtr. update: Revenue increasing 4.9%. This is in contrast to1st Half when revenues were flat.
Revenue growth in Indonesia was driven by both pricing and volume gain in key brands in Indonesia &amp; by regional markets
Indonesia sales would be higher at 6.9% on constant currency basis.

    
    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. 
    
    

Delfi: 3rd Quarter Update Shows Positive Momentum

<ul>
<li>Number 1 chocolate company in Indonesia with own brands like SilverQueen, Ceres etc. The company also distributes third party brands across South Asia.</li>
<li>Cocoa prices have halved from their recent peak but still they are higher than historical average</li>
<li>Stock trades at reasonable multiple to its 2023 earnings when cocoa prices were stable</li>
</ul>
<div class="content-highlight">
<h2>Raising Money for Persons with Disabilities in Singapore</h2>
<p><strong><em>For your kind consideration</em></strong></p>
<p><em>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.</em></p>
<p><em>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.</em></p>
<p data-start="635" data-end="669">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> </p>
</div>


Number 1 chocolate company in Indonesia with own brands like SilverQueen, Ceres etc. The company also distributes third party brands across South Asia.
Cocoa prices have halved from their recent peak but still they are higher than historical average
Stock trades at reasonable multiple to its 2023 earnings when cocoa prices were stable


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. 


Delfi : Consumer Company with Reasonable Valuations

<ul><li>Beng Kuang deemed 'attractive' at its current price by UOBKH.</li><li>RHB's Natarajan keeps 'buy' rating on Starhill Global REIT.</li><li>JPM maintains overweight on CDL; GS notes market overlooks ROE boost in lighter models.</li></ul>

Beng Kuang deemed 'attractive' at its current price by UOBKH.RHB's Natarajan keeps 'buy' rating on Starhill Global REIT.JPM maintains overweight on CDL; GS notes market overlooks ROE boost in lighter models.

Singapore Market Roundup (17-Jun-2026): UOBKH finds Beng Kuang's current price 'attractive'.

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)

Primer: Delfi Ltd (DELFI SP) - Dec 2025

Delfi is the market leader in the Indonesian chocolate confectionery market, possessing strong brand equity with heritage brands like...

αSK Primers

Singapore Market Roundup (13-Aug-2026): OCBC and CGSI maintain buy ratings for Info-Tech Systems.

OCBC and CGSI maintain buy ratings for Info-Tech Systems. Maybank rates it a 'buy' at $1.46, while DBS holds a 'hold' rating with a $1 target for...

Singapore Market Roundup

Delfi: 3rd Quarter Update Shows Positive Momentum

Delfi's 3rd quarter update shows revenue growth of 4.9%, driven by pricing and volume gains in key brands in Indonesia and regional markets.

Punit Khanna

Delfi : Consumer Company with Reasonable Valuations

No.1 chocolate company in Indonesia, distributes own and third-party brands across South Asia. Stock trades at reasonable multiple to 2023 earnings.

Punit Khanna

Singapore Market Roundup (17-Jun-2026): UOBKH finds Beng Kuang's current price 'attractive'.

Beng Kuang is seen as attractive by UOBKH; RHB maintains 'buy' on Starhill Global REIT. JPM stays overweight on CDL, while GS highlights ROE boost...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Delfi Ltd (DELFI SP) - Dec 2025

Delfi is the market leader in the Indonesian chocolate confectionery market, possessing strong brand equity with heritage brands like...

αSK Primers

Singapore Market Roundup (13-Aug-2026): OCBC and CGSI maintain buy ratings for Info-Tech Systems.

OCBC and CGSI maintain buy ratings for Info-Tech Systems. Maybank rates it a 'buy' at $1.46, while DBS holds a 'hold' rating with a $1 target for...

Singapore Market Roundup

Delfi: 3rd Quarter Update Shows Positive Momentum

​Delfi's 3rd quarter update shows revenue growth of 4.9%, driven by pricing and volume gains in key brands in Indonesia and regional markets.

Punit Khanna

Delfi : Consumer Company with Reasonable Valuations

​No.1 chocolate company in Indonesia, distributes own and third-party brands across South Asia. Stock trades at reasonable multiple to 2023 earnings.

Punit Khanna

Singapore Market Roundup (17-Jun-2026): UOBKH finds Beng Kuang's current price 'attractive'.

Beng Kuang is seen as attractive by UOBKH; RHB maintains 'buy' on Starhill Global REIT. JPM stays overweight on CDL, while GS highlights ROE boost...

Singapore Market Roundup

Delfi's 3rd quarter update shows revenue growth of 4.9%, driven by pricing and volume gains in key brands in Indonesia and regional markets.

No.1 chocolate company in Indonesia, distributes own and third-party brands across South Asia. Stock trades at reasonable multiple to 2023 earnings.