- 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.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2026-04-14
Read also RHB's most recent report:
2026-06-15 Delfi - Expecting Lower Margins From Oil Price; Maintain BUY.
Price targets by other brokers at Delfi Target Prices.
Listing of research reports at Delfi Analyst Reports.
Relevant links:
Delfi Share Price History,
Delfi Announcements,
Delfi Dividend Payout Dates & Corporate Actions,
Delfi News
