Food Empire - UOB Kay Hian 2026-02-26: Solid Execution Justifies Rerating; Raise Target Price By 40%

• Food Empire (SGX:F03) reported a 2025 PATMI of US$36.0m, 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 38% y-o-y to US$68.6m, beating our full-year forecast by 15%. This was driven by a strong 21% y-o-y revenue growth, and gross margin expansion across most core segments.

Double-digit revenue growth led by Russia.

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• Russia posted the fastest growth at 35% y-o-y to US$191m, supported by a 10% appreciation of the Russian ruble against the US dollar. Russia currently is the largest contributor to Food Empire’s total revenue at 33%.
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• South Asia and Southeast Asia grew 16% and 14% y-o-y, respectively, driven by stronger market engagement, with Southeast Asia contributing 26% of total revenue.
• Europe rose 7.6%, while other markets declined 5%.

Strong dividends indicate confidence.

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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/.

Read also UOB's most recent report:
2026-03-25 Food Empire - Remain Positive On Market Leader With Strong Track Record.

Price targets by 4 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