Delfi's Gross Margin Could Recover in 2H as Headwinds Ease -- Market Talk

Dow Jones

Jun 10

0121 GMT - Delfi's gross margin is likely to recover in 2H as some headwinds ease, say UOB Kay Hian analysts in a note. The Singapore-listed confectionery maker's 1Q gross margin narrowed as its forward-purchasing strategy means that it is still absorbing contracts carried out when cocoa prices peaked in 2024-2025, the analysts say. The Indonesian rupiah's current weakness is also milder than in 2025, they say. The analysts reckon the compressed margin reflects these headwinds rather than any decline in Delfi's competitiveness, and therefore expect its margin to recover in 2H. The likely recovery hasn't been priced into its shares, they add. UOB KH retains its buy rating and S$1.68 target price. Shares are down 0.55% at S$0.905.(megan.cheah@wsj.com)

(END) Dow Jones Newswires

June 09, 2026 21:21 ET (01:21 GMT)

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The Singapore-listed confectionery maker's 1Q gross margin narrowed as its forward-purchasing strategy means that it is still absorbing contracts carried out when cocoa prices peaked in 2024-2025, the analysts say. The Indonesian rupiah's current weakness is also milder than in 2025, they say. The analysts reckon the compressed margin reflects these headwinds rather than any decline in Delfi's competitiveness, and therefore expect its margin to recover in 2H. The likely recovery hasn't been priced into its shares, they add. UOB KH retains its buy rating and S$1.68 target price. Shares are down 0.55% at S$0.905.(megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 09, 2026 21:21 ET (01:21 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Delfi's Gross Margin Could Recover in 2H as Headwinds Ease -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDelfi's Gross Margin Could Recover in 2H as Headwinds Ease -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-06-10 09:21</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0121 GMT - Delfi's gross margin is likely to recover in 2H as some headwinds ease, say UOB Kay Hian analysts in a note. The Singapore-listed confectionery maker's 1Q gross margin narrowed as its forward-purchasing strategy means that it is still absorbing contracts carried out when cocoa prices peaked in 2024-2025, the analysts say. The Indonesian rupiah's current weakness is also milder than in 2025, they say. The analysts reckon the compressed margin reflects these headwinds rather than any decline in Delfi's competitiveness, and therefore expect its margin to recover in 2H. The likely recovery hasn't been priced into its shares, they add. UOB KH retains its buy rating and S$1.68 target price. Shares are down 0.55% at S$0.905.(megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 09, 2026 21:21 ET (01:21 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999013478.USD","symbol_name":"利安新加坡股息基金","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2642894419","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2642894419","pubTimestamp":1781054460,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0121 GMT - Delfi's gross margin is likely to recover in 2H as some headwinds ease, say UOB Kay Hian analysts in a note. The Singapore-listed confectionery maker's 1Q gross margin narrowed as its forward-purchasing strategy means that it is still absorbing contracts carried out when cocoa prices peaked in 2024-2025, the analysts say. The Indonesian rupiah's current weakness is also milder than in 2025, they say. The analysts reckon the compressed margin reflects these headwinds rather than any decline in Delfi's competitiveness, and therefore expect its margin to recover in 2H. The likely recovery hasn't been priced into its shares, they add. UOB KH retains its buy rating and S$1.68 target price. 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The Singapore-listed confectionery maker's 1Q gross margin narrowed as its forward-purchasing strategy means that it is still absorbing contracts carried out when cocoa prices peaked in 2024-2025, the analysts say. The Indonesian rupiah's current weakness is also milder than in 2025, they say. The analysts reckon the compressed margin reflects these headwinds rather than any decline in Delfi's competitiveness, and therefore expect its margin to recover in 2H. The likely recovery hasn't been priced into its shares, they add. UOB KH retains its buy rating and S$1.68 target price. Shares are down 0.55% at S$0.905.(megan.cheah@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 09, 2026 21:21 ET (01:21 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}