Buy Recommendation for Food Empire Holdings: Strong Revenue Growth and Strategic Market Positioning

CGS-CIMB analyst William Tng reiterated a Buy rating on Food Empire Holdings Limited on November 14 and set a price target of S$3.18.

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William Tng has given his Buy rating due to a combination of factors including Food Empire Holdings Limited’s impressive revenue growth and strong brand presence in key markets. The company’s revenue for the first nine months of 2025 exceeded expectations, growing by 24% year-over-year to US$427 million, with significant contributions from regions like Russia, Ukraine, Kazakhstan, and Southeast Asia. This growth was largely driven by effective consumer promotions and strategic price increases, which enhanced sales volumes and average selling prices.
Furthermore, Tng’s positive outlook is supported by the company’s continued investments aimed at sustaining revenue growth in the coming years. The valuation remains robust, with an increased target price reflecting a higher earnings forecast for FY27. Additionally, potential catalysts for re-rating include improved operating margins and market share stability in Russia, alongside a possible resolution to geopolitical tensions. However, he also notes risks such as the potential escalation of the Russia-Ukraine conflict and currency depreciation, which could impact revenue.

Tng covers the Technology sector, focusing on stocks such as AEM Holdings Ltd., Venture, and Nanofilm Technologies International Ltd.. According to TipRanks, Tng has an average return of 12.0% and a 67.69% success rate on recommended stocks.

In another report released on November 13, UOB Kay Hian also maintained a Buy rating on the stock with a S$3.00 price target.