0559 GMT - Delfi may have scope for gross profit margins to gradually improve as cocoa prices come off record levels, CGS International's Tay Wee Kuang says in a research report. Recent weakness of cocoa prices means the chocolate confectionery products manufacturer's average cost of cocoa should begin to decline as inventory of its higher-cost cocoa starts to deplete, the analyst says. Delfi could begin to see lower raw material costs if it shortens the rolling-forward hedge for these materials to nine months. CGS International raises the stock's rating to hold from reduce and the target price to S$0.81 from S$0.71. Shares are 1.2% lower at S$0.825. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 14, 2025 00:59 ET (05:59 GMT)
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