0134 GMT - Delfi's 2027 earnings are still likely to grow despite potential cocoa price volatility stemming from a "super El Nino" weather pattern, says DBS Group Research's Zheng Feng Chee in a note. The Singapore-listed confectionery producer likely remains supported by lower hedged cocoa input costs, he says, noting that 2026 cocoa prices are still below 2025 levels. However, he reckons the risk of weather-related disruptions from El Nino could keep cocoa prices elevated for longer than previously anticipated. He therefore trims his 2027-2028 earnings estimates by 5%-7%. DBS cuts the stock's target price to 80 Singapore cents from S$1.00 and maintains a hold rating. Shares are down 0.7% at S$0.73.
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