“Growth continues to be driven by capacity expansion of its ingredients business,” he adds.
RHB Bank Singapore’s Alfie Yeo has kept his “buy” call on Food Empire with an unchanged target price of $1.75, despite recent growing coffee prices and earnings cuts due to higher input costs.
“We like Food Empire for its strong balance sheet, cash generation ability, market share traction, valuation, and share buyback initiative,” says the analyst.
