Broker Name: CGS International
Date of Report: November 13, 2025
Excerpt from CGS International report.

Report Summary

• Delfi Ltd’s margin pressures from high cocoa prices are expected to ease as raw material costs fall and inventory of higher-cost cocoa depletes. The company’s profitability is supported by festive season sales and effective cost controls.
• Revenue is showing signs of recovery with strong growth in Indonesia and regional markets. Delfi is expected to benefit from normalising profitability, with a target price of S\$0.81 and an upgraded “Hold” rating. Risks include cocoa price volatility and broad economic downturns.

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/