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Wolf Money(Portfolio update for end Feb 2025) part 2(Delfi related)
Commentary
The market can& rsquo t pass another month without Trump showing his trump card, playing his triumphant trumping tariff trumpet. Even his closest allies got an earful. All these trumping might turn out to be trumpery. The tariff is likely to slowdown the US economy.
https://lonewolfinvestor.blogspot.com/2025/02/wolf-moneyportfolio-update-for-end-feb.html?m=1
Commentary
The market can& rsquo t pass another month without Trump showing his trump card, playing his triumphant trumping tariff trumpet. Even his closest allies got an earful. All these trumping might turn out to be trumpery. The tariff is likely to slowdown the US economy.
https://lonewolfinvestor.blogspot.com/2025/02/wolf-moneyportfolio-update-for-end-feb.html?m=1
Delfi reports earnings of US$34.0 mil for FY2024, down 26.6% y-o-y
Chocolate confectionary company Delfi Limited has reported earnings of US$34.0 million ($45.47 million) for the FY2024 ended Dec 31, 2024, down 26.6% y-o-y.
The group&rsquo s 2HFY2024 earnings came in 31.7% y-o-y lower at US$14.4 million.
Earnings per share for FY2024 came in at 5.55 US cents per ordinary share, down 26.6% y-o-y from the 7.57 US cents declared in the same period a year ago.
Revenue for FY2024 decreased 6.6% y-o-y to US$502.7 million, and gross profit decreased 10.1% y-o-y to US$137.8 million.
The decline in revenue is due to regional currencies weakness, in which the Indonesian rupiah depreciated by 3.9% against the US dollar, impacting raw material costs and resulting in a 110 basis points decline in FY2024 gross profit margin.
The group also increased promotion investments in 2HFY2024 to drive long-term growth of brands and counter strong competition. Meanwhile, net sales declined due to the termination of an agency brand in 3Q2023.
The group generated net cash from operating activities of US$52.6 million, which was mainly used to fund its capital expenditure programme for capacity expansion, which was started in 2023, and to improve efficiencies.
As at Dec 31, 2024, Delfi&rsquo s cash balance stood at US$43.8 million.
The group is declaring a total FY2024 dividend of 3.24 US cents per share.
Wolf Money(Delfi Ltd FY2024 results)
https://lonewolfinvestor.blogspot.com/2025/02/wolf-moneydelfi-ltd-fy2024-results.html?m=1
Wolf Money(Delfi Ltd)
I bought myself a valentine gift today. A chocolate company to be precise. Delfi is the maker of Van Houten Chocolate, my favourite chocolate since childhood.
https://lonewolfinvestor.blogspot.com/2025/02/wolf-moneydelfi-ltd.html
Take over target ， The Chuang family has no succession, their children not interested to take over the biz.
Lim & Tan lowers target price for Delfi, as the chocolate manufacturer has ' attractive yields' while awaiting recovery
Lim & Tan Securities has lowered its target price for Delfi to $1.04 from $1.30, but kept its &ldquo accumulate&rdquo call on the chocolate manufacturer as it has &ldquo attractive yields while awaiting recovery&rdquo .
This report follows the group&rsquo s 1HFY2024 results, in which CGS International previously also lowered its target price to 93 cents but maintained its &ldquo add&rdquo call.
Lim & Tan&rsquo s analyst Chan En Jie says that Delfi&rsquo s 1HFY2024 results came in below expectations, with revenue and net profit coming in at 46% and 42% of his full year forecast.
Revenue declined 7.8% y-o-y to US$260.8 million ($340.12 million), impacted by several headwinds including a weaker Indonesian rupiah against the US dollar, weaker consumer spending as well as termination of an agency brand in Indonesia.
The main contributor to weaker sales is due to a declining rupiah against US dollar, which also impacted raw material costs bought in US dollar, notes the analyst.
He says that excluding forex impact, total revenue saw a smaller y-o-y drop of 3.3%, but the exchange rate differences may have found support since July 2024 from the upcoming US rate cuts.
As cocoa prices have skyrocketed, almost tripling from US$3,500 per ton to US$9,000 per ton over the past year, rising cocoa prices will inevitably compress margins unless price adjustments are passed on to customers, says Chan.
Meanwhile, gross margins of 28.8% saw a slight drop as Delfi reduced trade promotions to defende margins from higher cocoa coasts, the analyst adds.
&ldquo Delfi&rsquo s SilverQueen brand name is culturally connected to Indonesians, and Delfi is confident the pricing power of its brands enable them to pass through price increases when necessary,&rdquo says Chan. &ldquo Management believes current cocoa prices of more than US$9,000 per ton are unsustainable which will likely encourage farmers to plant more beans and increase supply.&rdquo
But despite lower earnings, Delfi maintained its interim dividends at 2.72 cents, he adds. &ldquo Backed by stable cash flows and a strong net cash position, we believe Delfi has the capacity to maintain full year dividends, an attractive 7.2% yield,&rdquo Chan continues.
Chan bases his valuations on 12.9 times FY2024 P/E, and cuts his previous FY2024-FY2025 revenue and earnings estimates by 11%/10% and 22%/21% respectively in view of higher cocoa prices and rupiah/US dollar weakness.
At its current share price of 80 cents, Delfi&rsquo s valuations of 9.9 times forward P/E and 1.4 times P/B are at a deep discount relative to its historical average and peers, the analyst adds.
After XD buying support might turn weak for awhile...
yuhanooi ( Date: 26-Aug-2024 16:37) Posted:
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This counter dropped from 1.40+ to this price. Results still pretty decent. Worth taking a look at this level.
Elf2000 ( Date: 26-Aug-2024 16:30) Posted:
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Tomorrow XD price will dips to below $0.80...
Delfi profit dips 22.3% to US$19.6 million
Confectionery maker&rsquo s performance dips on the back of lower sales and currency weakness
CHOCOLATE and confectionery manufacturer Delfi : P34 0% posted a 22.3 per cent drop in its net profit for the first half of the year ended Jun 30, to US$19.6 million, from US$25.2 million in the year-ago period.
Revenue slid 7.8 per cent to US$260.8 million from US$283 million.
In a bourse filing on Tuesday (Aug 13) the company attributed the performance to weakened regional currencies and reduced sales as a result of lower spending on trade promotion.
It noted that on a constant-currency basis, revenue and net profit would have been lower by 3.3 per cent and 17.4 per cent, respectively.
Purchases of raw materials were hit by the rupiah weakening against the US dollar, reducing gross profit margin by 0.4 basis points to 28.8 per cent.
Delfi said it made a strategic decision to reduce promotional spending on its own brands, so sales took a dip as a result. It also terminated one of its agency brands, reducing sales in that segment by 2.1 per cent.
Own-brand sales revenue dipped to US$148 million from US$167.8 million agency-brand sales revenue slid to US$112.8 million from US$115.2 million.
Geographically, Indonesia revenue declined 10.7 per cent to US$169.7 million. In the regional markets, revenue dipped by 1.9 per cent to US$91.1 million.
On a per-share basis, its earnings were 3.2 US cents, down from 4.12 cents in the previous corresponding period.
Delfi declared an interim dividend of 2.06 US cents per share, to be paid out on Sep 12.
It said it would continue investing in building brands for products that promise future growth, and strengthen its routes to market to support the long-term growth of the business.
delfi day
px 805 hold and uturn
px breakup 14.6 815
wa up 61.8 855 hit 850
wb dn 61.8 820 must not breakdn
then wc up
px 805 hold and uturn
px breakup 14.6 815
wa up 61.8 855 hit 850
wb dn 61.8 820 must not breakdn
then wc up
delfi day
back shape
dn 61.8 865 breakdn
prev low 850 breakdn
lower trendline 825 also breakdn
px hit 805
px need to breakup 14.6 815 then got chance
if not wc dn 775 continues
back shape
dn 61.8 865 breakdn
prev low 850 breakdn
lower trendline 825 also breakdn
px hit 805
px need to breakup 14.6 815 then got chance
if not wc dn 775 continues
So quiet here....until quietly dropping back to 70s soon....
No eyes to see 1st half results....looking bad.
No eyes to see 1st half results....looking bad.
Delfi Q1 Ebitda falls 8.5% on lower net sales
The chocolate maker posts a 5.3 per cent dip in its first-quarter net sales to US$150.7 million, from US$159.1 million the year before
CHOCOLATE confectioner Delfi booked an 8.5 per cent fall in its earnings before interest, taxes, depreciation and amortisation (Ebitda) to US$23.3 million in the first quarter ended Mar 31, from US$25.5 million the year before.
There was also a 5.3 per cent year-on-year decline in its first-quarter net sales to US$150.7 million, from US$159.1 million.
In a business update on Tuesday (May 28), the group attributed the lower net sales to its decision to &ldquo reduce and refocus spending on trade promotions&rdquo , and also to weakness in the regional currencies against the US dollar.
Sales in Indonesia fell 6.6 per cent to US$103.5 million in the first quarter, from US$110.7 million a year earlier. The confectionary company said the poorer performance was due to lower sales in the company&rsquo s own brands, following its strategic decision to undertake fewer, but more targeted, trade promotions.
Meanwhile, sales in its regional markets &ndash comprising Malaysia, the Philippines and Singapore &ndash dropped 2.5 per cent to US$47.2 million in the first quarter, from US$48.4 in the previous year.
This was also due to poorer sales performance of the company&rsquo s own brands in the Philippines, and the impact of weaker local currencies.
The group generated healthy net cash from operations of US$35 million in the first quarter, up from US$27 million in the corresponding year-ago period. The net cash from operations went into funding capital expenditures of US$11.9 million, said the group.
Delfi said the heightened geopolitical challenges, macroeconomic uncertainties, high interest rates, supply-chain disruptions and rising commodity prices may dampen consumer confidence in its key markets in 2024.
But it remains confident that it can get around these risks by focusing on growing its core brands and further driving growth in its premium- and value-format categories, as well as implementing initiatives to mitigate higher input costs.
The group will also work more closely with its retail partners to enhance consumer engagement and drive demand.
Rather laggard. Chart looks nice for rebound after falter from 1.10 to 1.20 range.
msksmsks ( Date: 02-Apr-2024 16:24) Posted:
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Likely will see price increase on their pdts and if slightly better margins if it can pass it on to consumers. Strong fundamentals and cashflow w gd dividends as well.
Any CEO who does not speak like this will probably be sacked. He is merely saying what CEOs have to say. Every CEO believes in his or her brand. But it is for the market to choose.
I have not heard of Delfi, but Nestle and Cadbury. The latter are more famous brands.
Trade with consumer choice not CEO statements
I have not heard of Delfi, but Nestle and Cadbury. The latter are more famous brands.
Trade with consumer choice not CEO statements
We expect the challenging business environment to continue with uncertainties from geopolitical and economic threats persisting and the potential for more disruption in our supply chains. Moreover, the ongoing effects of climate change will remain a significant global challenge for everyone, as will be the anticipated breakdown of globalisation into regional economic blocs which will likely reshape market dynamics in the long-run. If cocoa prices were to continue rising at the rates seen in the past year, it could have a negative impact on long-term growth. However, we have faced many of these challenges in the past through our long history in the chocolate confectionery business. While these threats will demand our continued attention and challenge us to be agile and responsive, the pricing power of our brands should enable us to pass through price increases when necessary and our in-depth experience managing changes in the commodities markets provides us with enough visibility to mitigate pressures from future ingredients price increases. Our strong brand portfolio, efficient manufacturing capabilities and strong distribution network will continue to support us to face further competition should it emerge. In summary, we are confident that Delfi is well prepared to rise to the challenge. With these capabilities in place and the successful execution of our growth strategies, we believe we are well positioned to further elevate our service levels to our customers and thereby drive results to capture future growth opportunities.
*****Message from the CEO in Annual Report
Amazing ...
Bucking the trend
Bucking the trend
Struggling to stay afloat with
cocoa prices rising abv $9700
Won't be easy for Delfi gg fwd
cocoa prices rising abv $9700
Won't be easy for Delfi gg fwd