Food Empire - RHB Invest 2024-09-02: Capacity Expansion Driving Growth; Maintain BUY

• We continue to like Food Empire (SGX:F03) for its strong balance sheet, cash generation ability, market share traction, valuation, and growth led by capacity expansion.
• We cut our FY24F-26F earnings forecast for Food Empire by 11%, 9%, and 9% (on a weaker-than-expected 1H24) to factor in lower gross margins due short-term pricing challenges in Russia and reduce our 10x blended FY24F-25F P/E-based target price.

Expect more production facilities to drive growth.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• There are also preliminary plans to establish another Vietnam instant coffee factory.
• The US$40m funding from Ikhlas Capital will come in handy to help in Food Empire's expansion in ASEAN, in our view.

1H24 below.

• Read more at SGinvestors.io.

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

Read also RHB's most recent report:
2025-11-17 Food Empire - Earnings Momentum On Track; Keep BUY.

Previous report by RHB:
2025-09-25 Food Empire - Building War Chest For Growth; Maintain BUY.

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