Broker Name: CGS International
Date of Report: March 20, 2026

Excerpt from CGS International report.

Report Summary

• Delfi Ltd is expected to generate strong cash flow in FY25 and FY26, supporting increased marketing spend to gain market share, especially in Indonesia and the Philippines, positioning the company for stronger earnings growth in FY27 as cocoa prices ease.
• Gross profit margins are anticipated to recover more significantly from 2H26 onwards as high-cost cocoa inventory rolls off, with a gradual earnings recovery in FY26 and acceleration in FY27; the report maintains a Hold rating with a new target price of S\$0.91, citing both upside (special dividends, margin recovery) and downside risks (forex translation, economic slowdown).

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com/