- Food Empire’s 3Q23 net profit of US$15.7m (+106.6% y-o-y, +22.7% q-o-q) was above expectations, with 9M23 making up 84.6% of our full-year forecast. Despite currency fluctuations, Food Empire reported record-high 9M23 revenue.
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- We believe earnings growth will continue as demand across its core markets remains robust, and raise 2023/24/25 earnings forecast for Food Empire by 8%/9%/6%.
- Maintain BUY recommendation on Food Empire with a 20%-higher target price of S$1.63 (S$1.36 previously).
3Q23 results above expectations.
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- The record-high 9M23 revenue of US$305.1m (+6.7% y-o-y) was mainly driven by higher volumes and/or higher ASPs across Food Empire’s core business segments.
- Gross margin also improved 5.3ppt y-o-y to 34.3% as a result of a favourable sales mix of products with higher margins.
Revenue growth in spite of currency depreciation.
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