Broker Name: CGS International Securities
Date of Report: February 27, 2026
Excerpt from CGS International Securities report:
- Food Empire Holdings (FEH) delivered robust FY25 results, with revenue up 21% year-on-year to US\$577m, driven by strong performance in Russia, Central Asia, and Southeast Asia. Core net profit (excluding non-cash losses) reached US\$68.6m, in line with broker expectations but 19% above consensus.
- The broker reiterates an “Add” rating, citing expected 9-13% core EPS growth over FY27-28, improving operating margins, and strong dividend yield. Risks include geopolitical tension in Russia/Ukraine and ruble depreciation.
- FEH has diversified its market exposure, enhanced product safety standards, and made investments in new production facilities, particularly in Kazakhstan and Southeast Asia. The company demonstrates improving margins, solid cash flow, and increasing shareholder equity, with a target price of S\$4.00, representing a 24.6% upside.
Report Summary:
- Food Empire Holdings reported strong revenue and profit growth for FY25, outperforming consensus and maintaining high margins.
- The broker expects continued earnings growth, improved margins, and supportive dividends, with diversification efforts and new production capacity underpinning positive outlook.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com
