- We remain positive on Delfi (SGX:P34) and raise FY26-27F earnings by 2% and 4% on favourable cocoa prices, which are currently trading at ~US$3,200 per tonne (~-45% year-to-date and ~-75% from its 2025 peak). We also roll over our valuation to blended FY26-27F P/E, from 15x FY26F P/E.
- - Read this at SGinvestors.io -
Cocoa price remains favourable.
- The price of cocoa has ranged at US$2,000- 3,000 per tonne in the few years prior to 2023. From 2023, the cocoa price surged to near ~US$4,500 per tonne before hitting highs of ~US$12,000 per tonne in 2024 and 2025. This was mainly due to a supply crunch from key cocoa-producing countries including Ghana and Ivory Coast, which saw lower yields in 2024 amid extreme weather conditions and crop disease.
- - Read this at SGinvestors.io -
Expect lower input prices going forward.
- Read more at SGinvestors.io.
