Food Empire - Maybank Research 2024-05-07: Short-Term Headwinds; Target Price Lowered To S$1.30

• We expect the higher coffee bean prices to potentially hurt Food Empire (SGX:F03)’s margins, especially in 1H24E. We also expect management to increase its prices gradually but the financial impact will only come 6 months later.
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Higher coffee bean prices to hurt margins

• Coffee bean prices have risen in the past 2 months to a high of US$240/lb, up 30%+, but have tapered down to around +10%. We expect Food Empire (SGX:F03)’s margins to suffer in the short term but we expect management to gradually raise product prices but this will only impact its financial performance typically 6 months later.
• - Read this at SGinvestors.io -
• Management has shown its execution prowess many times in the past and we believe this will likely just be a short-term blip for earnings.

Revenue growth intact

• 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