- We expect Food Empire (SGX:F03)'s 3Q23 results to be positive with estimated revenue and PATMI of US$110m and US$11.6m, up 1% and 53% y-o-y. However, the recent depreciation of the Ruble might crimp the results.
- - Read this at SGinvestors.io -
Expect demand in core markets to remain strong
- Despite the Russia-Ukraine war, we expect demand in Food Empire's core markets to remain strong. Management increased marketing in Vietnam, where we saw encouraging signs of growth when we visited Food Empire in Aug 2023.
- - Read this at SGinvestors.io -
- We expect softness in revenue and gross profit in 2H23E as it typically takes about 6 months for price increases to take effect but performance should pick up in 1Q24E.
Dual listing in Hong Kong and Singapore?
- Management is considering a dual listing in Hong Kong as it would provide access to two equity markets, a more diverse investor and shareholder base, and an additional source of fund raising.
- The board also believes dual listing could increase the liquidity of the shares, boost shareholder value and enhance Food Empire’s corporate profile and visibility in international markets as Food Empire is seeking inorganic growth opportunities globally.
We expect share buybacks to continue
- Read more at SGinvestors.io.
