Food Empire - UOB Kay Hian 2025-08-15: 1H25 Brewing Momentum On A Strong Results Beat; Raise Target Price By 14%

• Food Empire’s core 1H25 PATMI rose 32% y-o-y to US$31m, exceeding our expectations by 8%. Revenue rose 22% y-o-y to US$274m, driven by double-digit gains across all core markets, led by Vietnam’s 37% surge.
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1H25 earnings beat.

• Food Empire reported a 1H25 PATMI loss of US$1.5m, due to a one-off, non-cash fair value loss of US$32.6m on redeemable exchangeable notes (REN). Excluding this item, core PATMI surged 32% y-o-y to US$31m, forming 58% of our full-year forecasts and exceeding expectations. This was driven by strong 22% y-o-y revenue growth, and gross margin expansion across most core segments.

First-ever interim dividend.

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Double-digit revenue growth led by Vietnam.

• Food Empire delivered strong 1H25 revenue growth of 22% y-o-y to US$274m, driven by price gains, higher sales volumes, favourable forex movements and enhanced marketing efforts.
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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-07-17 Food Empire - Expect Healthy Growth And Outlook; Raise Target Price By 22% To S$2.40.

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