Excluding the fair value loss, Food Empire’s core patmi of US$69 million beat Cheong’s full-year forecast of 15%. This was driven by a 21% y-o-y growth and higher gross margins across most of the company’s core segments.
UOB Kay Hian analyst John Cheong has lifted Food Empire’s target price to $4.21 from $3 after the company reported a stronger-than-expected set of results for its FY2025.
For the 12 months ended Dec 31, 2025, the company reported patmi of US$36 million ($45.5 million), due to a one-off, non-cash fair value loss of US$32.6 million on its redeemable exchangeable notes (REN).
