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Delfi
(SGX:P34)
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Rating:77Outperform
Price Target:
S$1.00
▼(-15.97% Downside)
Action:Reiterated
Date:04/09/26
Overall score is driven primarily by solid financial quality (low leverage and strong 2025 cash-flow rebound), tempered by a post-2023 profitability softening and uneven growth. Technicals are supportive with price above major moving averages, and valuation is reasonable with a low-teens P/E and a moderate dividend yield.
Positive Factors
Conservative balance sheet / low leverage
Very low leverage provides durable financial flexibility: reduces refinancing and interest-risk, supports capital spending or opportunistic M&A, and preserves ratings/headroom during cyclical ICT demand swings, strengthening long-term resilience.
Negative Factors
Uneven revenue growth
Irregular top-line performance reduces predictability of contracting and recurring service revenue streams in the ICT sector. Fluctuating project bookings make capacity planning and long-term investment decisions harder and raise execution risk for multi-year contracts.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low leverage provides durable financial flexibility: reduces refinancing and interest-risk, supports capital spending or opportunistic M&A, and preserves ratings/headroom during cyclical ICT demand swings, strengthening long-term resilience.
Read all positive factors
Delfi (P34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$546.99M
Dividend Yield3.56%
Average Volume (3M)812.39K
Price to Earnings (P/E)13.1
Beta (1Y)0.88
Revenue Growth-2.70%
EPS Growth-4.71%
CountrySG
Employees6,000
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)0.05
Shares Outstanding611,157,000
10 Day Avg. Volume659,940
30 Day Avg. Volume812,390
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$1.23Price Target Upside3.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.05
Revenue Forecast (FY)S$518.87M
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
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 500.08M | 502.65M | 538.15M | 477.49M | 405.13M |
| Gross Profit | 132.77M | 137.82M | 153.24M | 145.51M | 119.71M |
| EBITDA | 61.85M | 63.05M | 77.58M | 75.46M | 58.70M |
| Net Income | 33.75M | 33.95M | 46.26M | 43.90M | 29.27M |
Balance Sheet | |||||
| Total Assets | 436.32M | 428.23M | 420.94M | 395.09M | 363.90M |
| Cash, Cash Equivalents and Short-Term Investments | 85.87M | 43.78M | 59.38M | 77.14M | 86.24M |
| Total Debt | 17.36M | 30.66M | 40.97M | 21.18M | 11.45M |
| Total Liabilities | 157.23M | 163.64M | 154.72M | 148.89M | 124.59M |
| Stockholders Equity | 279.09M | 264.58M | 266.22M | 246.19M | 239.30M |
Cash Flow | |||||
| Free Cash Flow | 68.94M | 23.64M | 1.49M | 3.80M | 73.81M |
| Operating Cash Flow | 78.33M | 52.57M | 25.23M | 7.74M | 77.19M |
| Investing Cash Flow | -25.62M | -28.79M | -23.97M | -3.61M | -196.00K |
| Financing Cash Flow | -28.13M | -34.93M | -22.66M | -13.12M | -54.74M |
Delfi Technical Analysis
Positive
1.19
Price Trends
0.96
Negative
0.98
Negative
0.89
Positive
Market Momentum
-0.01
Negative
49.27
Neutral
51.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P34, the sentiment is Positive. The current price of 1.19 is above the 20-day moving average (MA) of 0.91, above the 50-day MA of 0.96, and above the 200-day MA of 0.89, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.27 is Neutral, neither overbought nor oversold. The STOCH value of 51.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | S$546.99M | 13.09 | 7.15% | 3.56% | -2.70% | -4.71% | |
63 Neutral | S$1.65B | 37.51 | 8.55% | 4.60% | 18.40% | -36.45% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | S$2.07B | 14.86 | 3.66% | 3.10% | -2.52% | -6.24% | |
43 Neutral | S$155.52M | 2.79 | 102.98% | ― | -58.61% | ― |
* Consumer Defensive Sector Average
SG:P34
Delfi
0.92
0.19
25.68%
SG:D03
Del Monte Pacific
0.08
<0.01
8.22%
SG:F99
Fraser & Neave
1.43
0.13
9.83%
SG:Y03
Yeo Hiap Seng Ltd
0.58
0.03
6.03%
SG:F03
Food Empire Holdings Limited
2.54
1.00
65.36%
SG:K03
Khong Guan Limited
0.91
0.03
3.41%
Delfi Corporate Events
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.