Food Empire - DBS Research 2026-02-03: Compounding Into A Strategic Takeout Target

• Initiate with BUY. Our Food Empire's target price of S$3.40 is derived from the average of our sum-of-the-parts valuation under both bull and bear case scenarios.
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Stablising green coffee prices and pricing headroom to drive revenue growth and margin expansion.

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• If green coffee prices remain elevated, we expect continued double-digit pricing actions in the near term to protect margins. Pricing alone could therefore sustain double-digit top-line growth over the next 2–3 years.
• Category volumes should also be resilient, with instant coffee likely to outperform the broader industry on downtrading from away-from-home. We also expect margins to expand as operations on improved operational leverage.

Active corporate actions to unlock value and support share price.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2026-03-02 Food Empire - Reinvesting Coffee Cost Savings To Stay Ahead.

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