The instant coffee maker's 1HFY2025 headline earnings was a net loss as it booked a one-off US$33 million loss on its redeemable exchange notes. Otherwise, core profit before tax in the same half year to June was above expectations, up 45% y-o-y to US$43 million.
Alifie Yeo has kept his "buy" call on Food Empire and has raised his target price to $2.72 from $1.67 previously, given its longer-term growth prospects driven by capacity expansion.
"We raise FY2026-2027 earnings on better-than expected growth traction, driven by higher manufacturing capacity across Malaysia, Kazakhstan, India, and Vietnam," says Yeo in his Sept 10 note.
