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Delfi (DELFI SP)
Cocoa Prices Dip, But Still No Sweet Relief
Highlights
• Cocoa prices have corrected from US$12,000/tonne to US$5,000/tonne, but remains 2x the 10-year average, suggesting markets will remain tight.
• Delfi’s 9M25 revenue of US$384m (+2% yoy) was driven by a stronger 3Q (+6% yoy), but EBITDA formed only 60% of our full-year forecast on higher promotions, costs and forex pressures.
• Maintain HOLD with an unchanged target price of S$0.82.
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BUMITAMA AGRI LTD
Rating HOLD (as at 9 December 2025)
Fair Value SGD 1.45
Remain constructive from a total returns perspective
• Recent share price correction has resulted in slightly more attractive risk-reward profile, though upside to our fair value (FV) estimate of SGD1.45 remains limited
• Our house view is for crude palm oil (CPO) prices to soften marginally from MYR4,300 per metric ton (mt) in 2025E to MYR4,200 per mt in 2026E
• Despite HOLD rating, we remain constructive on the stock from a total returns perspective given decent FY26E dividend yield of 5.3% at the time of writing
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CSE GLOBAL
Valuation & Action: We raise our 12-month TP to S$1.08 (fully diluted) from S$0.73 and upgrade to OUTPERFORM from UNDERPERFORM.
The revision reflects a step up in our base case from the newly announced Amazon linked warrant structure, where we now model a dedicated “Commercial Partnership” revenue stream alongside higher medium term
Electrification growth, as well as resilient Communications
order momentum.
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Stay the course on SMCs
We remain positive, even though the ‘easy money’ from the SGD5bn EQDP seed fund would have largely materialised by 2Q26. MAS’ efforts to strengthen the Singapore equity market are not just a one-off boost to lift trading activity and stock prices. Having outperformed large caps in 2025, 2026 could present an opportunity for more SMCs to demonstrate resilience should the macro environment turn more uncertain. Our SMC picks are (1) GuocoLand for value unlocking, (2) iFAST, Nam Cheong, UMS and SIA Eng for earnings growth/recovery, and (3) CAREIT, NTT DC REIT, LREIT and NetLink for resilient income
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From resilience to renewed growth
• Industrial S-REITs continue to demonstrate resilience and sustained rental growth; sector well placed to see accelerating growth
• Sector is poised for two-year CAGR of over 1.3% with tailwinds from borrowing costs yet to be fully priced in
• Conducive capital markets and funding environment pushes industrial REITs to dial up acquisition strategy
• Top picks: CLAR, MLT, NTTDCR
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Acrophyte Hospitality Trust’s market cap stands at US$148mln and
trades at 0.4x P/B with an annualized dividend yield of 3.4%. ACRO-HT
continues to see headwinds from the softening of overall U.S. lodging
demand, and challenges with rising operating costs including labour.
The ongoing strategic review being undertaken by the Managers
remains in progress since May’25 and they remain in discussions with
the Sponsor on a potential transaction relating to the Stapled Securities.
While there is currently no analyst coverage on ACRO-HT, we believe
there could be some speculative appeal in Acrophyte Hospitality Trust
units given its low valuations and on-going strategic review of its assets by its Sponsor with a possible transaction on the horizon.
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