- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2023-11-10
Previous report by UOB:
2023-09-14 Food Empire - Seeing What's Brewing In Vietnam Makes Us More Optimistic.
Price targets by 4 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