SGX:P34

Stock Analysis Report

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Executive Summary

Delfi Limited, an investment holding company, manufactures and distributes chocolate confectionery products in Indonesia, the Philippines, Malaysia, Singapore, and internationally.


Snowflake Analysis

Excellent balance sheet, good value and pays a dividend.


Similar Companies

Share Price & News

How has Delfi's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: P34 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.3%

P34

2.9%

SG Food

0.5%

SG Market


1 Year Return

-41.7%

P34

5.3%

SG Food

-19.5%

SG Market

Return vs Industry: P34 underperformed the SG Food industry which returned 5.3% over the past year.

Return vs Market: P34 underperformed the SG Market which returned -19.5% over the past year.


Shareholder returns

P34IndustryMarket
7 Day-1.3%2.9%0.5%
30 Day-2.0%9.2%-3.0%
90 Day3.5%26.1%-0.2%
1 Year-39.5%-41.7%8.6%5.3%-15.3%-19.5%
3 Year-62.4%-65.0%16.3%6.5%-14.8%-24.9%
5 Year-73.6%-77.3%25.5%10.8%-3.3%-20.6%

Price Volatility Vs. Market

How volatile is Delfi's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Delfi undervalued compared to its fair value and its price relative to the market?

30.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: P34 (SGD0.74) is trading below our estimate of fair value (SGD1.06)

Significantly Below Fair Value: P34 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: P34 is good value based on its PE Ratio (11.6x) compared to the SG Food industry average (12.7x).

PE vs Market: P34 is good value based on its PE Ratio (11.6x) compared to the SG market (12.6x).


Price to Earnings Growth Ratio

PEG Ratio: P34 is poor value based on its PEG Ratio (58.2x)


Price to Book Ratio

PB vs Industry: P34 is overvalued based on its PB Ratio (1.4x) compared to the SG Food industry average (0.9x).


Next Steps

Future Growth

How is Delfi forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: P34's forecast earnings growth (0.2% per year) is below the savings rate (2.2%).

Earnings vs Market: P34's earnings (0.2% per year) are forecast to grow slower than the SG market (19.8% per year).

High Growth Earnings: P34's earnings are forecast to grow, but not significantly.

Revenue vs Market: P34's revenue (5.1% per year) is forecast to grow slower than the SG market (6% per year).

High Growth Revenue: P34's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: P34's Return on Equity is forecast to be low in 3 years time (9.5%).


Next Steps

Past Performance

How has Delfi performed over the past 5 years?

-0.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: P34 has high quality earnings.

Growing Profit Margin: P34's current net profit margins (6%) are higher than last year (4.9%).


Past Earnings Growth Analysis

Earnings Trend: P34's earnings have declined by 0.8% per year over the past 5 years.

Accelerating Growth: P34's earnings growth over the past year (35.3%) exceeds its 5-year average (-0.8% per year).

Earnings vs Industry: P34 earnings growth over the past year (35.3%) exceeded the Food industry -11.3%.


Return on Equity

High ROE: P34's Return on Equity (12.4%) is considered low.


Next Steps

Financial Health

How is Delfi's financial position?


Financial Position Analysis

Short Term Liabilities: P34's short term assets ($255.0M) exceed its short term liabilities ($158.8M).

Long Term Liabilities: P34's short term assets ($255.0M) exceed its long term liabilities ($15.9M).


Debt to Equity History and Analysis

Debt Level: P34's debt to equity ratio (25.6%) is considered satisfactory.

Reducing Debt: P34's debt to equity ratio has increased from 22.1% to 25.6% over the past 5 years.

Debt Coverage: P34's debt is well covered by operating cash flow (55%).

Interest Coverage: P34's interest payments on its debt are well covered by EBIT (19.7x coverage).


Balance Sheet


Next Steps

Dividend

What is Delfi current dividend yield, its reliability and sustainability?

4.20%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: P34's dividend (4.2%) is higher than the bottom 25% of dividend payers in the SG market (2.67%).

High Dividend: P34's dividend (4.2%) is low compared to the top 25% of dividend payers in the SG market (5.97%).


Stability and Growth of Payments

Stable Dividend: P34's dividend payments have been volatile in the past 10 years.

Growing Dividend: P34's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.9%), P34's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: P34's dividends in 3 years are forecast to be covered by earnings (51.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average management tenure


CEO

John Chuang (72 yo)

15.75yrs

Tenure

Mr. Tiong Choon Chuang, also known as John, has been Group Chief Executive Officer of Delfi Limited since November 5, 2004 and serves as its Managing Director. Mr. Chuang is responsible for the overall st ...


Leadership Team

NamePositionTenureCompensationOwnership
Tiong Choon Chuang
Group CEO15.75yrsno data0.56%
$ 2.5m
Liang Kwee Koo
Group Chief Financial Officer1.92yrsno datano data
Seok Bee Lim
Chief of Quality Assurance1.5yrsno datano data
Tiong Liep Chuang
Group Chief Growth & Marketing Officer and Executive Director21.42yrsno data0.093%
$ 419.6k
Tiong Kie Chuang
Business Development Director & Executive Director19.25yrsno data0.10%
$ 463.6k
Michael Roberts Wynne
Chief of Manufacturing1.5yrsno datano data
- Chung
Head of Corporate Planningno datano datano data
Ferry Haryanto
President Director of PT Nirwana Lestarino datano datano data
Nancy Florensia
President Director & Director of Finance - PT Perusahaan Industri Ceresno datano datano data
Yok Chuang
Company Secretary36.58yrsno data0.15%
$ 658.6k
Kheng Swee Tan
Joint Company Secretary0.92yrno datano data

1.9yrs

Average Tenure

67yo

Average Age

Experienced Management: P34's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Tiong Choon Chuang
Group CEO15.75yrsno data0.56%
$ 2.5m
Tiong Liep Chuang
Group Chief Growth & Marketing Officer and Executive Director21.42yrsno data0.093%
$ 419.6k
Tiong Kie Chuang
Business Development Director & Executive Director19.25yrsno data0.10%
$ 463.6k
Ferry Haryanto
President Director of PT Nirwana Lestarino datano datano data
Nancy Florensia
President Director & Director of Finance - PT Perusahaan Industri Ceresno datano datano data
Davinder Singh
Non-Executive Non-Independent Director19.17yrsUS$72.88k0.016%
$ 73.5k
Poh Tiong Koh
Independent Non-Executive Director8.67yrsUS$113.63kno data
Pedro Francisco Mata-Bruckmann
Independent Chairman19.17yrsUS$193.30k0.029%
$ 130.1k
Anthony Dean
Independent Non-Executive Director15.25yrsUS$157.92k0.0082%
$ 36.7k
Doreswamy Nandkishore
Independent Non-Executive Director3.58yrsUS$100.09k0.0036%
$ 16.2k

19.2yrs

Average Tenure

65.5yo

Average Age

Experienced Board: P34's board of directors are seasoned and experienced ( 19.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Delfi Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Delfi Limited
  • Ticker: P34
  • Exchange: SGX
  • Founded: 1984
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$449.200m
  • Shares outstanding: 611.16m
  • Website: https://www.delfilimited.com

Location

  • Delfi Limited
  • TripleOne Somerset
  • No. 16-12, 111 Somerset Road
  • Singapore
  • 238164
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
P34SGX (Singapore Exchange)YesOrdinary SharesSGSGDNov 2004
PEFD.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2004

Biography

Delfi Limited, an investment holding company, manufactures and distributes chocolate confectionery products in Indonesia, the Philippines, Malaysia, Singapore, and internationally. Its products include mol ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/10 12:40
End of Day Share Price2020/08/07 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.