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Food Empire (SGX:F03) is a leading player in the 3‑in‑1 coffee segment across Russia, Ukraine, Kazakhstan and other CIS markets in Eastern Europe, commanding a dominant market share of over 60%.
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Fast growing instant‑coffee‑mix and ingredient player in emerging Eurasia.
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Maintain our above-consensus earnings forecasts, supported by favourable currency movements, improving macroeconomic conditions in key markets, and lower coffee input prices. We remain confident in our estimates, underpinned by a stronger macro environment and currency strength in Russia and Kazakhstan, driven by elevated oil prices.
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Series of corporate actions to unlock value.
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Based on the terms of the Ikhlas investment and management’s indication that the founder (Mr Tan, Executive Chairman) is open to monetising his stake, we believe both Ikhlas and management are actively working towards a potential monetisation event by Nov 2029, when the Ikhlas convertible bond matures. This could materialise through the entry of a strategic investor or a potential full takeover of the company.
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In addition, the bonus issue, while it does not change the company’s fundamentals, we believe the improvement in trading liquidity could enhance investor interest and support a potential valuation re-rating.
Maintain BUY with adjusted target price of S$3.05 (from S$3.65).
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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/.
Zheng Feng CHEE DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-06-03
Previous report by DBS:
2026-05-14 Food Empire - Under The Radar Middle East Conflict Beneficiary.
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
