Broker: CGS International
Date of Report: November 14, 2025
Excerpt from CGS International report.
Report Summary
- Food Empire Holdings Ltd reported strong 9M25 revenue growth of 24% year-on-year, outperforming both internal and consensus forecasts, driven by robust performance in Russia, Ukraine, Kazakhstan, CIS, and Vietnam markets.
- The company raised its FY25-27 revenue and earnings forecasts, with management highlighting continued brand investment, optimal production capacity in India, and improved margins, particularly in Russia.
- Target price was raised to S\$3.18, with the stock rated as “Add” based on its solid growth prospects and potential for further re-rating if operating margins and market share sustain or if geopolitical risks subside.
- Key risks include the Russia-Ukraine conflict and ruble depreciation, while the company is actively diversifying beyond its core Russian and Ukrainian markets.
- Food Empire emphasizes strong ESG practices, including product safety and energy efficiency initiatives, and maintained zero product safety or labeling breaches in FY24.
- Financial metrics forecast continued revenue and profit growth into 2026-2027, with steady dividends and robust balance sheet indicators.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
