Weaker Rupiah Offsets Benefits from Lower Cocoa Prices for Delfi
Dow Jones
Aug 12
0631 GMT - A weaker rupiah is likely to outweigh the benefits from lower cocoa prices for Delfi, says DBS Group Research's Zheng Feng Chee in a note. The analyst had initially expected the chocolate confectioner's 2H earnings to be an inflection point driven by cocoa cost savings. DBS cuts its 2026 and 2027 earnings forecast for Delfi by 2% and 8%, respectively, to reflect a stronger-than-expected dollar headwind. DBS maintains a hold rating on the Singapore-listed stock and target price of 1.00 Singapore dollars. Shares are 2.9% lower at S$0.84.
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