SINGAPORE (July 15): RHB analyst Juliana Cai has downgraded chocolate confectionery company Delfi to “neutral” from “buy” with an unchanged target price of 74 cents.

The downgrade comes as its core markets Indonesia and the Philippines face a resurgence of Covid-19 cases.

Both countries, which contribute around 70% and 15% towards Delfi’s total sales respectively, saw new cases spike to around 2,000 a day in July after the relaxation of restriction measures.

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