0639 GMT - Delfi faces a challenging industry landscape due to persistently high cocoa prices and more competition, DBS Group Research analysts write in a note. The chocolate-confectionery manufacturer's management noted that some competitors are engaging in aggressive pricing strategies to gain market share, which is likely to necessitate sustained promotional investment by Delfi to maintain its current market share, they say. Cocoa prices remain volatile, having peaked in December 2024 before moderating in February 2025, the analysts say. DBS cuts its 2025 earnings forecast for Delfi by 24% to reflect elevated cocoa prices and higher promotional investment. DBS maintains a hold rating on the stock and target price of S$0.80. Shares are flat at S$0.71.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
May 21, 2025 02:39 ET (06:39 GMT)
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