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

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. 

<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

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

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

Delfi Limited Initiating Coverage

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

ICAM

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