- We initiate coverage on Food Empire (SGX:F03), a branded food and beverage (F&B) company that manufactures and sells 3-in-1 instant coffee mix and food ingredients (coffee, non-dairy creamer and potato snacks). Food Empire has successfully navigated the Russia, Ukraine, and the Commonwealth of Independent States (CIS) where it has significant presence.
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- Food Empire has been growing its business in Vietnam and has expanded its coffee as well as non-dairy creamer food ingredients manufacturing business.
Growth drivers: Vietnam & food ingredients business
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- Management plans to lift its market share with new products.
- The food ingredients business is another segment that Food Empire is focused on growing, with capacity expansion being added to its non-dairy creamer manufacturing operations (scheduled to commence production by end-4Q23F) (source:2022 annual report).
Sharing excess cash with minorities
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