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Food Empire Holdings Limited (SG:F03)
SGX:F03
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Food Empire Holdings Limited (F03) AI Stock Analysis

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SG:F03

Food Empire Holdings Limited

(SGX:F03)

Rating:77Outperform
Price Target:
S$2.50
▲(4.17%Upside)
The overall stock score reflects strong financial performance and positive technical indicators, with the company demonstrating solid revenue growth and a strong balance sheet. However, pressures on profitability margins and overbought technical indicators suggest caution. The valuation remains reasonable, balancing the potential risks and rewards.
Positive Factors
Expansion Plans
Strong expansion pipeline of four new manufacturing facilities is expected to drive growth.
Financial Performance
Food Empire Holdings reported a 1Q25 revenue of US$137m, up 3% qoq and 16% yoy, coming in above expectations.
Strategic Partnerships
The collaboration with Santan is expected to improve Food Empire Holdings’ brand awareness in Asia and allay investor concerns.
Negative Factors
Geopolitical Risks
Key downside risks include the escalation in the Russia-Ukraine conflict affecting its Russian operations and the depreciation of the ruble against the US dollar.
Revaluation Loss
Potential share price weakness may arise from a non-cash, non-operational revaluation loss on its Redeemable Exchange Note.

Food Empire Holdings Limited (F03) vs. iShares MSCI Singapore ETF (EWS)

Food Empire Holdings Limited Business Overview & Revenue Model

Company DescriptionFood Empire Holdings Limited, an investment holding company, operates as a branding and manufacturing company specializing in the food and beverage industry. Its products include instant beverage products, frozen convenience food, confectionery, and snacks. The company provides regular and flavored coffee mixes and cappuccinos, instant chocolate, and flavored fruit teas and cereal drinks; markets instant breakfast cereal, frozen food, and snack items; and offers coffee capsules. In addition, it engages in the distribution, procurement, wholesale, and trade of beverage products; general trading activities; import, export, and distribution of food products; procurement and sale of raw materials, processed and non-processed food, and finished goods; management and finance support activities; ownership and leasing of factory space and equipment; sale of rights to use intellectual property against royalty rights; office administrative activities; and operation of cafes and restaurants. The company offers its products under the MacCoffee, Petrovskaya Sloboda, Café PHO, Klassno, CafeRite, NutriRite, Hillway, OrienBites, and Kracks brands. The company sells its products to approximately 50 countries, including Russia, Vietnam, Ukraine, Kazakhstan, Central Asia, the Middle East, China, Mongolia, and North America. Food Empire Holdings Limited was founded in 1992 and is headquartered in Singapore.
How the Company Makes MoneyFood Empire Holdings Limited generates revenue primarily through the sale of its diverse range of food and beverage products. The company's key revenue streams include the production and distribution of instant coffee, tea, and other beverage mixes, as well as snacks and frozen foods. It operates manufacturing facilities in different regions, which helps optimize production costs and enhance distribution efficiency. Food Empire also benefits from strategic partnerships and distribution agreements, which enable it to expand its market reach and cater to a broad customer base across various international markets. Additionally, the company continually invests in marketing and brand development to strengthen its brand portfolio and drive sales growth.

Food Empire Holdings Limited Financial Statement Overview

Summary
Food Empire Holdings Limited shows strong revenue growth and a solid balance sheet. However, there are pressures on profitability margins and cash flow conversion that need addressing.
Income Statement
78
Positive
Food Empire Holdings Limited has demonstrated solid revenue growth, with a consistent increase from $272.97M in 2020 to $476.35M in 2024. The gross profit margin has remained stable, reflecting effective cost management. However, the net profit margin has slightly declined from 13.38% in 2023 to 11.02% in 2024, indicating rising expenses or competitive pressures. The EBIT and EBITDA margins show a slight decrease, suggesting a need for tighter operational controls.
Balance Sheet
81
Very Positive
The company's balance sheet is strong, with a low debt-to-equity ratio and a healthy equity ratio of 63.85% in 2024. Stockholders' equity has grown steadily, reflecting retained earnings. The low debt levels relative to equity highlight conservative financial management. However, the decline in return on equity from 19.12% in 2023 to 17.88% in 2024 indicates a reduced efficiency in generating profits from equity.
Cash Flow
72
Positive
Operating cash flow remains positive, though it has decreased significantly from $50.58M in 2023 to $25.52M in 2024, which could impact liquidity if not managed. The free cash flow is positive but substantially lower than previous years, indicating increased capital expenditures or other cash outflows. The operating cash flow to net income ratio has declined, suggesting that the conversion of profits into cash is less efficient.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue476.35M425.71M398.36M320.07M272.97M
Gross Profit144.39M141.45M118.84M93.66M104.65M
EBITDA81.11M79.30M61.34M34.00M40.12M
Net Income52.53M56.51M60.10M19.50M26.79M
Balance Sheet
Total Assets460.08M402.90M381.50M340.04M312.64M
Cash, Cash Equivalents and Short-Term Investments130.85M131.94M125.60M60.56M69.04M
Total Debt82.85M41.10M44.62M53.32M58.13M
Total Liabilities163.99M108.41M105.90M113.48M95.68M
Stockholders Equity293.82M295.64M276.70M227.72M218.02M
Cash Flow
Free Cash Flow1.09M38.06M58.64M8.02M21.34M
Operating Cash Flow25.52M50.58M72.83M14.67M33.35M
Investing Cash Flow-18.34M-12.37M18.98M-5.80M-11.08M
Financing Cash Flow-5.74M-31.54M-26.22M-17.01M-7.92M

Food Empire Holdings Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price2.40
Price Trends
50DMA
1.85
Positive
100DMA
1.57
Positive
200DMA
1.26
Positive
Market Momentum
MACD
0.13
Negative
RSI
84.80
Negative
STOCH
93.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F03, the sentiment is Positive. The current price of 2.4 is above the 20-day moving average (MA) of 1.97, above the 50-day MA of 1.85, and above the 200-day MA of 1.26, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 84.80 is Negative, neither overbought nor oversold. The STOCH value of 93.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:F03.

Food Empire Holdings Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
S$1.30B17.9917.74%2.50%11.26%-7.30%
66
Neutral
£10.46B8.443.35%302.87%-1.42%18.13%
$426.32M11.5312.79%5.15%
€274.76M6.904.76%9.38%
€837.98M7.8614.25%3.37%
72
Outperform
S$502.53M5.337.94%9.11%-4.59%74.87%
71
Outperform
S$497.61M14.347.04%5.62%1.20%26.15%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:F03
Food Empire Holdings Limited
2.40
1.45
152.63%
PEFDF
Delfi
0.64
0.05
8.47%
DE:MWX
Mewah International Inc.
0.16
0.00
0.00%
DE:1O4
Japfa Ltd.
0.41
0.22
115.79%
SG:Q01
QAF Ltd.
0.89
0.13
17.11%
SG:5JS
Indofood Agri Resources Ltd.
0.36
0.08
28.57%

Food Empire Holdings Limited Corporate Events

Food Empire Wins Top Honor at Brands for Good Awards 2025
Jul 23, 2025

Food Empire Holdings Limited has been awarded the ‘Champion’ title in the Leadership for Good category at the Brands for Good Awards 2025, marking the first time it has achieved this top honor. This recognition underscores the company’s significant social impact and commitment to sustainable and ethical business practices. The award highlights Food Empire’s dedication to integrating profit with purpose, as evidenced by initiatives like the Food Empire Food Science & Technology Bursary and community engagement activities such as hosting an indoor skydiving event for children with cancer. This accolade enhances Food Empire’s reputation as a leader in purpose-driven leadership and sets a new benchmark for social responsibility in the industry.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Recognized as a ‘Company of Good’ in 2025
Jul 18, 2025

Food Empire Holdings Limited has been recognized as a ‘Company of Good’ at the 2025 Company of Good Conferment, organized by the National Volunteer & Philanthropy Centre in Singapore. This recognition highlights the company’s commitment to corporate social responsibility and sustainable practices, marking its first entry into this esteemed group. The conferment celebrates businesses that integrate purpose into their operations, emphasizing leadership, engagement, and value creation, which is pivotal for Food Empire’s industry positioning and stakeholder relations.

The most recent analyst rating on (SG:F03) stock is a Hold with a S$1.10 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire and Capital A Partner to Launch Vietnamese Iced Coffee
Jul 17, 2025

Food Empire Holdings and Capital A Berhad have announced a strategic partnership to co-develop and launch a new range of ready-to-drink beverages, starting with a Vietnamese iced coffee product. This product will be available on AirAsia flights and through retail channels across the region, aiming to meet modern lifestyle trends with healthier options.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Transfers Treasury Shares for Employee Incentives
Jul 15, 2025

Food Empire Holdings Limited has announced the transfer of 105,000 treasury shares as part of its Employees’ Share Option Schemes. This transfer slightly reduces the company’s treasury shares from 4.150% to 4.129% of the total outstanding ordinary shares, indicating a strategic move to incentivize employees and potentially enhance shareholder value.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Expands Coffee Manufacturing in India with $37M Investment
Jul 9, 2025

Food Empire Holdings Limited has announced a US$37 million investment to expand its spray-dried soluble coffee manufacturing facility in Andhra Pradesh, India, increasing its capacity by about 60%. This expansion is part of the company’s vertical integration strategy to enhance control over the coffee processing cycle, supporting the growth of its branded consumer business. The project is expected to begin in the fourth quarter of 2025 and complete by the end of 2027. The company aims to strengthen its position as a leading player in the Asian soluble coffee market, with additional plans for a freeze-dried coffee facility in Vietnam and a coffee-mix production facility in Kazakhstan.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Amends Note Terms to Stabilize Earnings
Jun 30, 2025

Food Empire Holdings Limited has entered into a second supplemental agreement to amend the terms of its 5.5% redeemable exchangeable notes issuance, aiming to reclassify the notes under a ‘fixed-for-fixed’ accounting classification. This change is intended to align the accounting treatment with the economic substance of the notes, reducing earnings volatility and better representing the company’s operational and financial performance. An independent financial adviser confirmed that these amendments do not confer any advantage to the note holders.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Joins 2025 Fortune Southeast Asia 500 List
Jun 17, 2025

Food Empire Holdings Limited has been included in the 2025 Fortune Southeast Asia 500 list, marking its first appearance among the region’s largest companies by revenue. This inclusion highlights the company’s strategic growth in Southeast Asia, supported by a robust expansion pipeline including new production facilities in Kazakhstan and Vietnam, which are expected to enhance its operational capabilities and market presence.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Transfers Treasury Shares for Employee Incentives
Jun 6, 2025

Food Empire Holdings Limited has announced the transfer of 60,000 treasury shares as part of its Employees’ Share Option Schemes. This transfer slightly reduces the company’s treasury shares, impacting the percentage of treasury shares against total outstanding ordinary shares, which decreased from 4.162% to 4.150%. This move reflects the company’s ongoing commitment to incentivize its employees, potentially enhancing employee engagement and aligning their interests with those of shareholders.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.95 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Holdings Limited Conducts 2025 AGM with Business Updates
May 15, 2025

Food Empire Holdings Limited held its 2025 Annual General Meeting at Four Points by Sheraton Singapore, where the Group CEO presented a business update and financial performance. The meeting included electronic polling for resolutions, with the Chairman acting as a proxy for shareholders, indicating a structured approach to shareholder engagement.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.98 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Approves Share Buyback Mandate at 2025 EGM
May 15, 2025

Food Empire Holdings Limited held its 2025 Extraordinary General Meeting, where the main agenda was the renewal of the share buyback mandate. The resolution, which allows the company to repurchase its shares, was proposed and seconded during the meeting, with voting conducted electronically. This move is expected to impact the company’s capital management strategy and potentially influence shareholder value.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.98 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Reports Strong Start to FY2025 with 16.3% Revenue Growth
May 13, 2025

Food Empire Holdings Limited announced a strong start to FY2025 with a 16.3% increase in revenue, reaching US$136.6 million in the first quarter. The growth was driven by a significant surge in sales from Vietnam and a dynamic pricing strategy to mitigate inflationary pressures and rising costs. The company’s Asia-centric strategy and regional investments are expected to sustain its positive outlook, with minimal exposure to the US market.

The most recent analyst rating on (SG:F03) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Food Empire Holdings Limited stock, see the SG:F03 Stock Forecast page.

Food Empire Transfers Treasury Shares for Employee Incentives
Apr 28, 2025

Food Empire Holdings Limited has announced the transfer of 210,000 treasury shares as part of its Employees’ Share Option Schemes. This transfer, valued at S$188,463.78, slightly reduces the percentage of treasury shares against the total number of ordinary shares outstanding, reflecting the company’s ongoing commitment to employee incentives and potentially impacting shareholder value.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 18, 2025