
Profit Hunting
2020-10-31 16:38:22
Delfi
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,