Food Empire - Maybank Research 2024-02-23: Potentially Another Record Year

• Food Empire (SGX:F03) showed its resilience throughout FY22 and 9M23 and we expect FY23E to end well with PATMI growth of 22.6% y-o-y. Management has also shown it is keen to reward shareholders and we expect dividends to increase for FY23E, with potential for a special dividend.

Expect a strong end to FY23E; Another record year in the making

• - Read this at SGinvestors.io -
• With raw material prices already stabilised, we expect margins to expand, especially in FY24E. We also expect management of Food Empire to continue its marketing efforts in Vietnam and to further grow revenue. India plants will also continue to perform well as end demand remains strong.

Special dividends can be expected

• - Read this at SGinvestors.io -
• We also see potential for a special dividend due to its strong profitability and cash flow generation, which may see FY23E yield well above our projected 3.9%.

Share buybacks likely to continue after blackout

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-13 Food Empire - Strong Growth In Russia, Ukraine, Kazakhstan, CIS.

Previous report by Maybank:
2025-09-16 Food Empire - Booming Vietnam; Maintain BUY With A Higher Target Price Of S$2.92.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Food Empire News