To this end, Tng believes Vietnam is “likely to shine” in Food Empire’s FY2024 results with the company identifying the Southeast Asian nation as a key growth market.
CGS International analyst William Tng has kept his “add” call on Food Empire with a higher target price estimate of $1.53 from $1.43 previously. Tng’s new target price comes days after he resumed coverage on the counter with a lowered target price of $1.43.
In his Jan 16 report, Tng says he attended the official opening of Food Empire’s new office at Asia Green and discusses the company’s upcoming FY2024 ended Dec 31, 2024. The analyst believes the company’s FY2024 revenue may grow by 5.8% y-o-y to US$450.5 million ($616.5 million) although its net profit for the year may decline by 18.5% y-o-y to US$46.1 million due to foreign exchange (forex) impact, higher coffee prices and an increase in spending in Vietnam.
