Delfi (formerly: Petra Foods)

[specuvestor]

Besides branding and distribution, I would like to share another aspect of Delfi's moat: taste.
If one has eaten Silverqueen or TOPS, he would know that the taste is starkly different from international chocolates. I have tried; Delfi's chocolate taste weird and much less sweet compared to international brands. My guess is, Delfi has been in the Indon market for decades and the Indons are accustomed to this kind of taste than those of international chocolates. This is similar to most Chongqing and Chengdu people disliking Singapore's sweet and "spicy" chilli crabs, and most Caucasians' take on MaLa Hotpot. 

There could be a function of recipe but I recall the main reason is they use palm oil

The weakness of IDR is, in simple terms, a matter of too much IDR flowing out of the country.

I think you meant USD flowing out of the country. IDR is also a controlled currency where hedging by non Indon firms is by using NDF

Most people wants to hold SGD or USD if possible because like you say it's a vicous circle when people don't have faith that it is a store of value.