Food Empire - Maybank Research 2024-11-13: Revenue Growth On Track

• Food Empire's 3Q24 revenue of S$118.9m rose 11.4% y-o-y due to higher revenue across all regions, which is encouraging and in line with our estimates. However, margins may weaken this year, which may hit FY24E profitability.

Vietnam – Star performer

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• In 3Q24, Vietnam’s strong performance continued to reflect the success of Food Empire’s intense marketing efforts across all channels, including more brand-sponsored giveaways with purchases, which led to robust sales and increased brand awareness.
• Food Empire also strengthened its sales force in Vietnam and made its products available in more locations, increasing accessibility for consumers.

Further diversification of revenue

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Better wait for headwinds to clear

• 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