Chocolate is a beloved sweet treat for many people. However, not many people know where their chocolates come from, even fewer know that Southeast Asia actually has the suitable climate for growing cocoa beans and that Indonesia is one of the larger global producers of cocoa bean. As someone who occasionally dabbles in baking and has a weakness for chocolate, I am pleasantly surprised to discover that a chocolate confectionery company is listed on the Singapore Exchange – Delfi Limited (SGX: P34). Delfi Limited is the company behind notable chocolate brands such as Van Houten, Delfi, SilverQueen, Ceres, Goya and Knick Knacks. While Singaporeans may not have heard of some of these brands, they would be familiar to Indonesians and Filipinos who would have snacked on these established b

Delfi Limited has a rich history of delighting generations of chocolate lovers in the region for over 50 years. Delfi was found by the Chuang family in the 1950s as a chocolate manufacturer in Indonesia. Since then, Delfi has evolved into a regional consumer powerhouse with a strong presence in its core markets of Indonesia and Philippines. Delfi has an established portfolio of chocolate confectionery brands, including 10 master brands including Silver Queen, Ceres, and Delfi. The company has business operations Singapore, Malaysia, Thailand, and the Philippines, and is the market leader for branded chocolate confectionery products in Indonesia with a 45% market share. I attended Delfi’s recent AGM to find out more about the company’s performance during a pandemic and its future

Defli is an Indonesian chocolate manufacturer and distributor listed on SGX.  They are by far the largest player, with over 40% market share.  75% of their revenue is from Indonesia, the rest from the Philippines.The Industry and CompetitorsAn Oct 2019 DBS report covers this well:Delfi's distribution is strong in rural areas ("General Trade"):Distributors in General Trade are largely exclusive to Delfi, creating a moat.The Modern Trade channel has been growing faster than General Trade, but has recently been slowed due to unhappiness.  New modern outlets can only be set up a certain distance from existing traditional outlets.Delfi has the largest market share in Indonesia.  They mainly compete with Mayora in the value segment, while the global brands (Nestle,

I'm now 95% invested.  85% if we count gold as cash.  Probably for the first time since this blog started.There's always the risk of another market crash, but if we hold cash, we will lose to inflation.  The Fed is always printing.Dividend PortfolioBought large positions in WMB and KMI several weeks ago, after news of Buffet buying into the sector.  These are boring, 'old man' utility stocks...but with some growth potential as their cashflows can fund expansion.Also bought a half position in Delfi - the USD is no longer rising and threatening EMs.  More of a growth stock, but still pays a (trailing) 4% dividend.  Could grow.  Could fall too.I am probably not yet earning enough in dividends to live off, but its getting close.Growth PortfolioThis is all in