It’s 9.00 am here in Singapore, and in front of me is part of the product line-up of Delfi (ticker: DELFI SP).

Over the past few days, I’ve gone on a quest to find as many of Delfi’s products as possible. I want to try them out, one by one. Are they as good as management claims?

In my local Indonesian speciality store, I found the SilverQueen chocolate bar and the Ceres chocolate sprinkles. At Singapore’s largest supermarket chain FairPrice, I found the Delfi Choco Minis and the Van Houten chocolate covered almonds.

I also managed to secure a few products from competitor Mayorah Indah (ticker: MYOR IJ), including the Beng-Beng mini chocolate bars and the Astor chocolate egg rolls.

Time to dig in!

Delfi Choco Minis

Delfi’s Choco Minis are simply delicious.

Crunchy on the inside with just a hint of chocolate. Sweet and not overbearing. A pleasant aftertaste. I think the product will appeal to the Indonesian palate.

Some people might make superficial comparisons with M&Ms, but I don’t think that’s fair. M&Ms have a strong chocolate flavour that I think most Indonesians would find too bitter. Delfi’s Choco Minis are crunchy and sweet.

The peppermint version has a stronger flavour. But still a great balance between the mint and the chocolate.

Score: 9/10

SilverQueen milk chocolate bar

The SilverQueen chocolate bar was decent. I’m a fan.

If I had to sum up the product in one word, it would be “milky”. The chocolate flavour is mild and subtle.

The crunchiness from the cashew nuts is a welcome surprise.

After 10 minutes of Singapore heat, the chocolate started melting. Overall I think the form factor works for those who want to eat chocolate on the go.

Score: 7/10.

Ceres Classic milk chocolate sprinkles

Next up are the Ceres chocolate sprinkles.

It’s a distinctive offering that I haven’t seen much in other parts of the world. You put them on top of ice cream or on bread as a substitute for jam.

The milk melts quickly, which I suppose is good if the sprinkles are supposed to stick to your morning bread. That said, one or two sprinkles are bound to get loose, requiring you to clean up your table afterwards.

Taste-wise, the chocolate was spicier than I had expected. You can taste the skimmed milk powder.

I’m sure that many still put chocolate sprinkles on their bread. But it feels like an outdated product, to be honest.

Score: 5/10

Van Houten Chocolate-Covered Almonds

In 2019, Delfi purchased the rights to the Van Houten chocolate for its key target markets. Today, Van Houten chocolate is ubiquitous across the region.

I think it’s a winner. The taste is milky yet refined. You can tell that they’ve used high-quality ingredients, including cocoa butter instead of palm oil. The crunchiness of the almonds adds a niche touch.

Score: 8/10

Competitor Mayorah: Beng-Beng & Astor egg rolls

Competitor Mayorah Indah’s Beng-Beng mini chocolate bars come in small packages of about 10 grams each.

The Beng-Beng’s have a pleasant taste of caramel. Soft and chewy. I can totally see how children will love the product.

There is a peculiar aftertaste. A hint of butter?

Score: 7/10

The Astor chocolate egg rolls are normal egg rolls but with a soft chocolate filling inside. Pleasant enough, but you can find similar products from almost any major brand. Egg rolls are a dime a dozen in this part of the world.

Score: 6/10

So what have I learnt today?

I think that Indonesian chocolate is decent. I can see myself eating Delfi’s Choco Minis on a regular basis. Delfi’s products seem competitive compared to Mayorah Indah’s. And SilverQueen will probably remain a growth driver for Delfi.

That said, both Delfi and Mayorah will need to innovate to keep up with the offerings of their international peers.

And enough chocolate for this morning. Time to get some real breakfast ~

Asian Century Stocks

Delfi tasting session