Delfi - UOB Kay Hian 2025-12-10: Cocoa Prices Dip, But Still No Sweet Relief

• After spiking to around US$12,000/tonne in end-24, cocoa prices have corrected sharply to around US$5,000/tonne, driven by improved harvest expectations in Côte d’Ivoire and unwinding of speculative positions.

Cocoa market normalising but still structurally tight.

• - Read this at SGinvestors.io -
• Meanwhile, global chocolate demand continues to rise, led by Asia and premium segments. These suggest that cocoa markets, though off their peaks, will remain tight and volatile.

9M25 top-line driven by stronger 3Q.

• Against this backdrop, Delfi (SGX:P34)’s 9M25 revenue of US$384m (+2% y-o-y) formed 75% of our full-year forecast.
• - Read this at SGinvestors.io -

Margins still under pressure from cost and forex headwinds.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-02-26 Delfi - The Worst Is Likely Over; Gradual Recovery Ahead.

Price targets by 2 other brokers at Delfi Target Prices.

Listing of research reports at Delfi Analyst Reports.

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