Last year, margins were further weighed down by a weaker rupiah against the reporting currency, the US dollar, as well as higher spending on promotions.
Heidi Mo and John Cheong of UOB Kay Hian have raised their target price for Delfi from $1.12 to $1.68, on the premise the cocoa prices, down some 60% from the 2024 peak, means lower cost pressures on the chocolate maker.
In their April 14 note, Mo and Cheong point out that from up to US$12,900 per tonne, cocoa prices are now as low as US$3,200 per tonne, thereby marking a "clear turning point" where Delfi’s gross margin was compressed to 26.5% in 2025 from 27.4% in 2024. Back in 2018, the company was making gross margins of around 35%.
