Broker Name: CGS International
Date of Report: November 19, 2025
Excerpt from CGS International report.

Report Summary

• Food Empire Holdings Ltd (FEH), a Singapore-based food & beverage company, reported strong revenue growth in Russia, which became its largest revenue contributor in 9M25, driven by stable ruble, resumed distributor business, and price adjustments.
• Management is actively considering fund manager feedback on liquidity, dividends, buybacks, and M&A, while continuing expansion in South and Southeast Asia. The company won “Company of the Year” at The Edge Billion Dollar Club Awards 2025, and maintains an “Add” rating with a target price of S\$3.18, supported by expected robust EPS growth over FY26-27F.

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