Broker Name: KGI Securities (Singapore) Pte. Ltd.
Date of Report: March 9, 2026

Excerpt from KGI Securities (Singapore) Pte. Ltd. report.

Report Summary

• Food Empire Holdings delivered a strong FY25 with revenue up 21.1% YoY to US\$576.9m and normalised net profit after tax up 37.0% YoY to US\$68.6m, supported by resilient demand, successful market execution, and currency appreciation across key markets despite high coffee costs.
• KGI raised its target price to S\$3.70 (upside of 23.1%) and maintains an OUTPERFORM rating, citing Food Empire’s effective profit pool reallocation across geographies, disciplined margin management, and upcoming capacity ramps in Kazakhstan and Malaysia as drivers of future growth and margin expansion.

Above is an excerpt from a report by KGI Securities (Singapore) Pte. Ltd. Clients of KGI Securities can be the first to access the full report from the KGI Securities website: https://www.kgi.com.sg