- 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.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-09-02
Read also RHB's most recent report:
2024-09-16 Food Empire - Expanding Ingredients Capability In Vietnam; BUY.
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 Dividends & Corporate Actions,
Food Empire News Articles
