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We maintain our positive stance on Food Empire (SGX:F03), with growth driven by higher manufacturing capacity contribution by Malaysia, Kazakhstan, as well as India and Vietnam over the next two years. Coffee prices have also fallen by close to 26% year-to-date, which will help to support our upbeat outlook.
Outlook remains positive.
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We expect favourable coffee prices to support our margin outlook as well. Coffee prices have corrected by 26% year-to-date on better anticipated supply, harvest, and weather outlook from key production countries including Brazil and Vietnam. We expect this to lend support to our margin projection going forward.
1Q26 revenue in line.
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We maintain our positive stance on Food Empire (SGX:F03), with growth driven by higher manufacturing capacity contribution by Malaysia, Kazakhstan, as well as India and Vietnam over the next two years. Coffee prices have also fallen by close to 26% year-to-date, which will help to support our upbeat outlook.
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Food Empire continues to track well with our estimates. Capacity expansion plans remain intact having started its Kazakhstan manufacturing facility’s operations in 1Q26. India is expected to increase its spray dried soluble coffee manufacturing capacity ~60% by FY27F, with new Vietnam freeze dried soluble manufacturing facility coming on stream by FY28F.
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We expect favourable coffee prices to support our margin outlook as well. Coffee prices have corrected by 26% year-to-date on better anticipated supply, harvest, and weather outlook from key production countries including Brazil and Vietnam. We expect this to lend support to our margin projection going forward.
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Food Empire reported US$160m (+17% y-o-y) revenue that was within our estimates. Russia, Central Asia, and South-East Asia all drove revenue growth.
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