Key Indices
Top Stories
Company Results | Delfi (DELFI SP/BUY/S$0.76/Target: S$0.98)
- Cocoa prices and forex remain near-term constraints. We remain hopeful that easing input costs and established brand strength could support a recovery in 2027. Delfi reported 1H26 earnings of US$13m (+5% yoy) amid a challenging environment, below our estimate. Maintain BUY with a 42% lower target price of S$0.98, pegged to 17x 2027F PE, based on the historical mean.
Market Spotlight
- US stocks were lower on Tuesday, with all three major indexes declining as the healthcare, financials and materials sectors fell. There were more decliners than advancers on both the NYSE and the Nasdaq.
- The FSSTI fell 24.83pt to 5,767.45, on the back of weakness in DBS, Singtel and OCBC Bank, with mid-cap indices falling while small-cap indices rose with a broad market decline on S$1.65b turnover.
Technical Analysis
Jardine Cycle & Carriage (JCNC SP)
- Trading Sell Range: S$27.52-27.53
Singapore Exchange (SGX SP)
- Trading Sell Range: S$24.94-24.95
Top Stories
Company Results | Delfi (DELFI SP/BUY/S$0.76/Target: S$0.98)
- Cocoa prices and forex remain near-term constraints. We remain hopeful that easing input costs and established brand strength could support a recovery in 2027. Delfi reported 1H26 earnings of US$13m (+5% yoy) amid a challenging environment, below our estimate. Maintain BUY with a 42% lower target price of S$0.98, pegged to 17x 2027F PE, based on the historical mean.
Market Spotlight
- US stocks were lower on Tuesday, with all three major indexes declining as the healthcare, financials and materials sectors fell. There were more decliners than advancers on both the NYSE and the Nasdaq.
- The FSSTI fell 24.83pt to 5,767.45, on the back of weakness in DBS, Singtel and OCBC Bank, with mid-cap indices falling while small-cap indices rose with a broad market decline on S$1.65b turnover.
Technical Analysis
Jardine Cycle & Carriage (JCNC SP)
- Trading Sell Range: S$27.52-27.53
Singapore Exchange (SGX SP)
- Trading Sell Range: S$24.94-24.95
Key Indices
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