Broker Name: Maybank Research Pte Ltd
Date of Report: November 13, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Food Empire Holdings (FEH) posted strong growth in 3Q25, with revenue up 28% year-on-year to USD153m, mainly driven by Russia (+49% YoY) and the CIS region (+39% YoY).
- Vietnam and Southeast Asia expected to remain key growth drivers, with a planned 45% increase in Vietnam production capacity by 2027 through automation and expansion.
- Margins are forecast to improve as raw material prices fall, and the company may offer special dividends or bonus shares to reward shareholders for another record year.
- FEH maintains a robust balance sheet, strong free cash flow, and has set clear ESG targets and policies, although there is room to improve board diversity.
- The broker maintains a BUY rating and SGD2.92 target price, citing steady growth prospects, strong financials, and potential for shareholder rewards.
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 Research Pte Ltd website : www.maybank.com/investment-banking
