Broker Name: Maybank Research Pte Ltd
Date of Report: February 27, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Food Empire Holdings (FEH SP) achieved another record year, with FY25 core NPAT of USD68.6m, driven by 21.1% YoY revenue growth to USD576.9m, and a record dividend declared.
- Strong sales growth in Russia and Central Asia, with Vietnam production capacity set to increase by 45% by 2027, bolstering future growth.
- Management expects FY26 to be even better, supported by robust margins, lower raw material costs, and continued expansion across key geographies.
- FEH maintains a healthy balance sheet, is market leader in Russia, and continues to diversify revenue streams, with potential for bonus share issues and special dividends to reward shareholders.
- ESG score is above average, with clear sustainability policies, but room for improvement in board diversity and quantitative S&G metrics.
- Stock is rated BUY with a higher target price of SGD3.95, based on 23x FY26E P/E, reflecting optimism in ongoing growth and profitability.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com/investment-banking
