Food Empire - Maybank Research 2023-11-09: Robust 3Q Beats Consensus; Another Record In The Making

Food Empire - Robust 3Q Beats Consensus; Another Record In The Making

Food Empire (SGX:F03) | SGinvestors.ioFood Empire (SGX:F03)
  • Despite a depreciating Ruble, Food Empire (SGX:F03) reported a solid 3Q23 result with NPAT at US$15.7m, way above consensus and our estimates due to strong demand from its core markets in the CIS and Southeast Asia.
  • - Read this at -

Solid 3Q23 performance

  • Despite the depreciation of the Ruble which saw 3Q23 revenue drop 1.6% y-o-y to US$106.8m, NPAT outperformed at US$15.7m.
  • Food Empire's 9M23 operating profit rose 55.7% y-o-y helped by a US$15m one-off property sale gain. Gross profit margin grew to 34.3% from 29.0% a year ago.
  • - Read this at -
  • Food Empire is on track for another record year after outperforming in FY22 despite ongoing war in its core markets. We expect strong demand and margins to continue to expand in subsequent quarters.

Healthy dividend can be expected: 4.8% FY23E yield

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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 | 2023-11-09

Previous report by Maybank:
2023-11-07 Food Empire - 3Q23 Likely Positive, But Potential FX Impact.

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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