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

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
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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: 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

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: 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

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...

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.