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. 



Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

<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>
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 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.
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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

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<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>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  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

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)

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

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

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

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...