Food Empire - Maybank Research 2025-09-16: Booming Vietnam; Maintain BUY With A Higher Target Price Of S$2.92

• We re-visited Food Empire’s Vietnam operation and facilities and came away more positive.
• We believe that Food Empire Vietnam is on track to deliver an estimated US$100m of revenue in FY25E and has also become the third-largest instant coffee player in Vietnam. It also plans product innovations to grow revenue in new segments, which we are optimistic about.

Vietnam growth likely to remain strong.

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• Currently, 90% of sales is by the product Café Pho and 88% is through general trade outlets while the rest is from modern trade. Food Empire has managed to gain market share from key competitors. We believe margins will likely improve as general trade margins are higher and growth going forward still mainly comes from general trade.

Vietnam production area to grow 45% by 2027.

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Strong 2H25E likely to finish the year.

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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/.

Previous report by Maybank:
2025-08-15 Food Empire - Strong Core Performance.

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