Delfi's stock price soared 4.76% during intraday trading on Thursday, driven by a significantly improved earnings outlook following a sharp decline in cocoa prices.
According to analyst research, cocoa prices have fallen by 51% since December 2025, which is expected to benefit the chocolate confectionery manufacturer's profitability. RHB Research has turned more positive on the company, raising its earnings forecasts for 2026 and 2027 by 10% and 5%, respectively, and increasing the stock's target price to S$1.20 from S$0.94 while maintaining a buy rating.
The research note also highlighted Delfi's fundamental strength, suggesting that excluding certain one-off items from its 2025 results would have shown earnings outperforming expectations.