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Delfi
(SGX:P34)
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Rating:63Neutral
Price Target:
S$0.88
▲(13.33% Upside)
Action:Reiterated
Date:08/19/26
The score is supported primarily by solid financial performance driven by a conservatively levered balance sheet, plus reasonable valuation and a strong dividend yield. Offsetting these positives, technical indicators show a clear downtrend (price below key moving averages and negative MACD), and cash flow volatility/recent free-cash-flow decline adds fundamental risk.
Positive Factors
Conservative Balance Sheet
Very low leverage reduces refinancing risk and preserves financial flexibility. Combined with healthy returns on equity, this gives Delfi a durable solvency buffer to fund operations and manage cyclical demand.
Negative Factors
Uneven Revenue Growth
The negative growth reading and inconsistent history indicate that demand and project timing are not yet producing a dependable expansion pattern. Uneven revenue can reduce operating leverage and make future earnings less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage reduces refinancing risk and preserves financial flexibility. Combined with healthy returns on equity, this gives Delfi a durable solvency buffer to fund operations and manage cyclical demand.
Read all positive factors
Delfi (P34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$476.70M
Dividend Yield1.73%
Average Volume (3M)563.79K
Price to Earnings (P/E)11.0
Beta (1Y)0.92
Revenue Growth-2.00%
EPS Growth23.78%
CountrySG
Employees6,000
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)0.06
Shares Outstanding611,157,000
10 Day Avg. Volume848,460
30 Day Avg. Volume563,793
Financial Highlights & Ratios
PEG Ratio-31.40
Price to Book (P/B)1.37
Price to Sales (P/S)0.76
P/FCF Ratio5.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.34Price Target Upside71.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.05
Revenue Forecast (FY)S$519.80M
Delfi Business Overview & Revenue Model
Company Description
Delfi Limited, an investment holding company established in Singapore in 1984, focuses on the manufacturing, marketing, distribution, and sale of chocolate confectionery. The firm operates across Indonesia, the Philippines, Malaysia, Singapore, an...
How the Company Makes Money
Delfi (P34) makes money primarily by selling ICT and telecommunications infrastructure solutions and by providing services associated with those solutions. Key revenue streams typically include (1) project-based revenue from the supply and install...
Delfi Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
84
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 507.16M | 500.08M | 502.65M | 538.15M | 477.49M | 405.13M |
| Gross Profit | 129.84M | 132.77M | 137.82M | 153.24M | 145.51M | 119.71M |
| EBITDA | 51.59M | 61.85M | 63.05M | 77.58M | 75.46M | 58.70M |
| Net Income | 33.90M | 33.75M | 33.95M | 46.26M | 43.90M | 29.27M |
Balance Sheet | ||||||
| Total Assets | 408.98M | 436.32M | 428.23M | 420.94M | 395.09M | 363.90M |
| Cash, Cash Equivalents and Short-Term Investments | 90.93M | 85.87M | 43.78M | 59.38M | 77.14M | 86.24M |
| Total Debt | 21.93M | 17.36M | 30.66M | 40.97M | 21.18M | 11.45M |
| Total Liabilities | 140.09M | 157.23M | 163.64M | 154.72M | 148.89M | 124.59M |
| Stockholders Equity | 268.89M | 279.09M | 264.58M | 266.22M | 246.19M | 239.30M |
Cash Flow | ||||||
| Free Cash Flow | 26.69M | 68.94M | 23.64M | 1.49M | 3.80M | 73.81M |
| Operating Cash Flow | 34.41M | 78.33M | 52.57M | 25.23M | 7.74M | 77.19M |
| Investing Cash Flow | -31.19M | -25.62M | -28.79M | -23.97M | -3.61M | -196.00K |
| Financing Cash Flow | -26.01M | -28.13M | -34.93M | -22.66M | -13.12M | -54.74M |
Delfi Technical Analysis
Negative
0.78
Price Trends
0.85
Negative
0.93
Negative
0.89
Negative
Market Momentum
-0.02
Positive
33.54
Neutral
9.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P34, the sentiment is Negative. The current price of 0.78 is below the 20-day moving average (MA) of 0.81, below the 50-day MA of 0.85, and below the 200-day MA of 0.89, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 33.54 is Neutral, neither overbought nor oversold. The STOCH value of 9.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:P34.
Delfi Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$2.04B | 14.49 | 4.55% | 3.82% | -2.52% | -6.24% | |
65 Neutral | S$1.51B | 16.95 | 19.74% | 3.71% | 14.02% | 146.88% | |
63 Neutral | S$476.70M | 10.98 | 12.37% | 3.97% | -2.00% | 23.78% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | S$132.19M | 2.40 | -6.18% | ― | -58.61% | ― |
* Consumer Defensive Sector Average
SG:P34
Delfi
0.78
0.06
8.09%
SG:D03
Del Monte Pacific
0.07
>-0.01
-11.84%
SG:F99
Fraser & Neave
1.39
<0.01
0.14%
SG:Y03
Yeo Hiap Seng Ltd
0.56
-0.02
-3.61%
SG:F03
Food Empire Holdings Limited
2.21
0.39
21.23%
SG:K03
Khong Guan Limited
0.99
0.11
12.50%
Delfi Corporate Events
Delfi names veteran insider Nandakumar Govindan as new Group COO
Aug 13, 2026
Delfi Limited, a Singapore-listed chocolate confectionery group with a strong presence across Southeast Asia, is known for heritage brands such as SilverQueen, Ceres, Delfi, Goya, Knick Knacks, and Van Houten, which are sold in more than 14 countr...
Delfi Shareholders Back Board Changes and Dividend at 2026 AGM
May 26, 2026
Delfi Limited held its annual general meeting in Singapore on 28 April 2026, where shareholders conducted all voting by poll using electronic devices and confirmed a quorum, with directors, senior management, auditors and other advisers in attenda...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.