Food Empire - Maybank Research 2023-05-05: A Good Start To The Year

• Food Empire (SGX:F03) will report 1Q23 earnings on 12 May 2023 after market hours and we expect revenue of US$86.7m (+5% y-o-y) and NPAT of US$11.2m (+22% y-o-y). This should be driven by strong demand, especially in its core markets of Russia and Vietnam.
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• With a positive 1Q23E ahead and an undemanding valuation, we maintain BUY rating on Food Empire with an unchanged target price of S$1.29, based on 11x FY23E P/E.

1Q23E should show strong NPAT growth

• We expect Food Empire to show further strong NPAT growth of 22% y-o-y to US$11.2m 1Q23, especially given that the Russia/Ukraine war started in 1Q22 and hurt its operations. We expect demand to remain strong in Russia and the CIS region and strong growth from Vietnam.
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Share buybacks to resume after blackout

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-13 Food Empire - Strong Growth In Russia, Ukraine, Kazakhstan, CIS.

Previous report by Maybank:
2025-09-16 Food Empire - Booming Vietnam; Maintain BUY With A Higher Target Price Of S$2.92.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Food Empire News