Delfi could face near-term growth headwinds, given its 3Q revenue fell mainly on a 10% drop in Indonesia sales, say DBS Group Research analysts. The chocolate confectionery manufacturer's main market is Indonesia. However, Indonesia's consumer environment remains challenging, with customers likely switching to mainstream chocolate products from premium chocolate products, they say. Delfi's nine-month results showed challenges maintaining its current margins without losing significant market share, they add. DBS has a hold rating on the stock and target price of S$0.80. Shares are at S$0.83.(amanda.lee@wsj.com)