Food Empire - Maybank Research 2023-02-10: Coffee, Tea Or Me?

Food Empire - Coffee, Tea Or Me?

  • We initiate coverage on instant beverage maker Food Empire (SGX:F03) with a BUY and 12-month target price of S$1.20, based on an undemanding 11x FY23E P/E.
  • Food Empire's share price trades at just 7.4x core FY22 P/E compared to its global peer average of ~27x P/E. We think Food Empire’s business model has shown its resilience and should continue to enjoy decent growth going forward. We believe Food Empire is an attractive takeover target given its low valuations and market leadership position in the 3-in-1 beverage space.
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Resilient business + Ukraine ceasefire a catalyst for Food Empire

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  • A ceasefire or the end of the conflict could result in a major stock re-rating, in our view. While Food Empire is not subject to sanctions, its valuation took a huge hit when war broke out and could recover sharply on a truce, we believe.

Special dividend likely and share buyback to continue

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | Eric Ong Maybank Research | 2023-02-10

Read also Maybank's most recent report:
2024-02-28 Food Empire - And Now For The Cream On Top.

Previous report by Maybank:
2024-02-23 Food Empire - Potentially Another Record Year.

Price targets by 3 other brokers at Food Empire Target Prices.

Listing of research reports at Food Empire Analyst Reports.

Relevant links:
Food Empire Share Price History,
Food Empire Announcements,
Food Empire Dividends & Corporate Actions,
Food Empire News Articles


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