Food Empire - Maybank Research 2024-05-12: Revenue Growth Encouraging; Maintain BUY

• Food Empire (SGX:F03) reported 1Q24 revenue grew 14.5% y-o-y to US$117.5m as core markets all saw increased demand. Southeast Asia grew 35.3% y-o-y to US$29.9m due to increased marketing and promotional efforts.
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• However, we believe Food Empire’s valuations remain undemanding, and management’s track record of execution has been good. Hence we maintain BUY.

Higher coffee bean prices to hurt margins

• We expect higher coffee bean prices to potentially hurt Food Empire’s margins, especially in 1H24E. We also expect management to increase its prices gradually but the financial impact will only come 6 months later. As a result, FY24E earnings will likely suffer due to lower overall margins ahead of recovery in FY25E.
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Revenue growth across all core markets

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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:
2026-02-27 Food Empire - Another Record Year.

Previous report by Maybank:
2025-11-13 Food Empire - Strong Growth In Russia, Ukraine, Kazakhstan, CIS.

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 Dividend Payout Dates & Corporate Actions,
Food Empire News