Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

<p><em><strong>These equity research reports are not written by the SGX.</strong> SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p><p>INITIATION</p>
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<h2>Delfi Limited</h2>
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<p><strong>Indonesia’s Sweet Darling</strong></p>
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<p>Favourable demographic and economic conditions in Indonesia continue to underpin Delfi Limited’s (Delfi) growth strategies in the long term. Delfi receives more than 70% of its revenues from Indonesia, whose growth is largely supported by a flourishing young middle class who are on the continuous pursuit for elevated lifestyles.</p>
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<p>With a renewed in-house distribution model for its key Modern Trade customers, and its recent acquisition of the perpetual and exclusive license to the Van Houten brand for markets in Asia (excluding India, Korea and the Middle East), Delfi is primed to capitalize on the premiumisation trend among Indonesia’s youth and the young at heart.</p>
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<p>We initiate on Delfi with an OUTPERFORM rating, and a blended 12-month target price (TP) of S$0.93. We believe that Covid-19 disruptions are merely speedbumps on the road to strong sustained growth, as Delfi continues to evolve with the Indonesian consumer, and their changing tastes and preferences.</p>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/151/086/original/image_13925159891596748371755.png?1596748373" class="editor-image img-responsive" data-smartkarma-image-id="151086"></figure>
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<p>Delfi manufactures and distributes many of Indonesia’s favourite chocolate confectionery products, holding a strong and unwavering market share of close to 50%. Even global chocolatiers such as Cadbury (owned by Mondelez International Inc), Ferrero and Nestlé combined hold less than 20% of the Indonesian confectionery market. This has been and will continue to be the trend as Indonesian shoppers are not only fiercely loyal to local brands for many of their daily needs, but are also more price sensitive, especially for the value product ranges that cater to the Traditional Trade (mom-and-pop stores) consumers.</p>
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These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.INITIATION

Delfi Limited




Indonesia’s Sweet Darling





Favourable demographic and economic conditions in Indonesia continue to underpin Delfi Limited’s (Delfi) growth strategies in the long term. Delfi receives more than 70% of its revenues from Indonesia, whose growth is largely supported by a flourishing young middle class who are on the continuous pursuit for elevated lifestyles.


With a renewed in-house distribution model for its key Modern Trade customers, and its recent acquisition of the perpetual and exclusive license to the Van Houten brand for markets in Asia (excluding India, Korea and the Middle East), Delfi is primed to capitalize on the premiumisation trend among Indonesia’s youth and the young at heart.


We initiate on Delfi with an OUTPERFORM rating, and a blended 12-month target price (TP) of S$0.93. We believe that Covid-19 disruptions are merely speedbumps on the road to strong sustained growth, as Delfi continues to evolve with the Indonesian consumer, and their changing tastes and preferences.






Delfi manufactures and distributes many of Indonesia’s favourite chocolate confectionery products, holding a strong and unwavering market share of close to 50%. Even global chocolatiers such as Cadbury (owned by Mondelez International Inc), Ferrero and Nestlé combined hold less than 20% of the Indonesian confectionery market. This has been and will continue to be the trend as Indonesian shoppers are not only fiercely loyal to local brands for many of their daily needs, but are also more price sensitive, especially for the value product ranges that cater to the Traditional Trade (mom-and-pop stores) consumers.












Non-SGX Report: Delfi Limited: Indonesia’s Sweet Darling

Delfi Ltd

Non-SGX Report: Delfi Limited: Indonesia’s Sweet Darling