Deep-dive 2021-7: Delfi Ltd

Delfi Ltd (DELFI SP) is a Singapore-listed chocolate producer with a major presence in Indonesia as well as other Southeast Asian countries such as the Philippines and Malaysia. Delfi’s market share in Indonesia is 45%, far ahead of competitor Mayorah Indah’s 25%. Its brand names SilverQueen, Ceres, Delfi, and Goya have been consumed by 4 generations of Indonesians over six decades, building up significant consumer mindshare in the process. Indonesians have grown accustomed to the typically less-sweet and less-milky type of chocolate that Delfi is offering. In addition, the company controls a distribution system with access to 400,000 points-of-sale across a country that does not have proper cold-storage logistics. A manager at Nestlé said the following about Delfi:

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