Delfi now a more delectable option to OCBC

SINGAPORE (Sept 22): OCBC Investment Research has upgraded its previous “sell” call on cocoa manufacturer and distributor Delfi to “hold” with an unchanged fair value estimate of $2.34.

This comes after the group’s share price declined by 14% versus the Straits Times Index’s (STI) loss of about 0.7%, which the research house says may be due to “broader market developments” such as concerns regarding Indonesia’s tax amnesty programme as Delfi’s key markets are Indonesia and Philippines.

Formerly known as Petra Foods, the group’s performance notably improved in the first half of 1H16.

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