As a result, given his unchanged valuation basis of 3 s.d. above Food Empire’s 10-year average P/E, Tng’s new target price is pased on a multiple of 20.5 times from 17 times.
CGS International (CGSI) analyst William Tng has raised his target price on Food Empire to $4 after the stock opened 20 cents higher at $3.22 on Feb 20, surpassing his previous target of $3.18.
“Given the rally in its share price in 2025, (+159%), Food Empire’s three standard deviations (s.d.) above its 10-year (FY2017 to FY2026) average P/E has risen to 20.5 times,” Tng points out in his Feb 19 report. As at the time of his report, Food Empire’s shares were trading at $2.99.
