One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul>
<li>We maintain our BUY rating on Food Empire and raise our TP to S$3.38, above the previous TP of S$2.48 adjusted for the 1-for-5 bonus issue, and implying 42.0% upside from the 13 Jul 2026 close of S$2.38.</li>
<li>FY2025 underlying earnings improved, with revenue up 21.1% YoY to US$576.9m and normalised NPAT at US$68.6m, while reported NPAT was distorted by non-cash REN fair-value accounting.</li>
<li>We see continued growth support from Russia, Central Asia and phased capacity additions. FY2026 interim results are the next test of margin, utilisation and FCFF delivery.</li>
</ul>


We maintain our BUY rating on Food Empire and raise our TP to S$3.38, above the previous TP of S$2.48 adjusted for the 1-for-5 bonus issue, and implying 42.0% upside from the 13 Jul 2026 close of S$2.38.
FY2025 underlying earnings improved, with revenue up 21.1% YoY to US$576.9m and normalised NPAT at US$68.6m, while reported NPAT was distorted by non-cash REN fair-value accounting.
We see continued growth support from Russia, Central Asia and phased capacity additions. FY2026 interim results are the next test of margin, utilisation and FCFF delivery.


Food Empire Holdings Limited Earnings Update (14 Jul 2026)

<ul>
<li>Food Empire Holdings Ltd generates over 70% of revenue from instant beverages like instant coffee and instant tea amongst others.</li>
<li>The Group is positioning themselves to capture the growing consumer instant beverage sector in Southeast Asia (SEA) region, with initial success witnessed in Vietnam through their brand – CafePHO, making SEA their fastest growing region, all while continuous improving revenue in all other key regions such as Russia, CIS region and South Asia.</li>
<li>Total revenue rose 11.9% year on year from USD 425mn in 2023 to USD 476mn in full year 2024.</li>
</ul>


Food Empire Holdings Ltd generates over 70% of revenue from instant beverages like instant coffee and instant tea amongst others.
The Group is positioning themselves to capture the growing consumer instant beverage sector in Southeast Asia (SEA) region, with initial success witnessed in Vietnam through their brand – CafePHO, making SEA their fastest growing region, all while continuous improving revenue in all other key regions such as Russia, CIS region and South Asia.
Total revenue rose 11.9% year on year from USD 425mn in 2023 to USD 476mn in full year 2024.


Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer</li>
<li>
<a href="https://www.smartkarma.com/entities/frasers-logistics-commercial-trust" target="_blank" data-smartkarma-citation="entities:22748" rel="noopener">Frasers Logistics &amp; Commercial Trust (FLT SP)</a> acquires 3 freehold L&amp;I properties in Australia for A$61m</li>
<li>
<a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> proposed a special dividend of ~S$0.15c/share</li>
</ul>



Frasers Property Ltd (FPL SP) to privatize Frasers Hospitality Trust (FHT SP) with S$0.700/unit cash offer

Frasers Logistics &amp; Commercial Trust (FLT SP) acquires 3 freehold L&amp;I properties in Australia for A$61m

LHN Ltd (LHN SP) proposed a special dividend of ~S$0.15c/share


ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Continued strong growth in South-East Asia and South Asia.</li><li>Food Empire Holdings saw a sustained increase in sales across its core markets in FY24, showcasing a resilient consumer demand for the company’s products, which saw volume growth YoY, especially in the Southeast Asia and South Asia regions.</li><li>The group continues to reap the benefits of its brand-building efforts in Vietnam, increasing its market share across the Vietnamese market. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Continued strong growth in South-East Asia and South Asia.Food Empire Holdings saw a sustained increase in sales across its core markets in FY24, showcasing a resilient consumer demand for the company’s products, which saw volume growth YoY, especially in the Southeast Asia and South Asia regions.The group continues to reap the benefits of its brand-building efforts in Vietnam, increasing its market share across the Vietnamese market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Food Empire Holdings Ltd. (FEH SP): Continued Growth Amidst Rising Coffee Prices.

Food Empire Holdings Ltd. (FEH SP/ F03.SI): Continued Growth Amidst Rising Coffee Prices.

Singapore

Food Empire is a multinational food and beverage manufacturing and distribution group. The company primarily produces instant coffee beverages, alongside other instant drinks like tea and hot chocolate, snack foods such as potato crisps, and food ingredients. Headquartered in Singapore, the company was founded in 1982.

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Food Empire (FEH SP)

Food Empire Holdings Limited Earnings Update (14 Jul 2026)

We maintain our BUY rating on Food Empire and raise our TP to S$3.38, above the previous TP of S$2.48 adjusted for the 1-for-5 bonus issue, and...

uSMART Securities

Food Empire Initiation

Food Empire Holdings Ltd generates over 70% of revenue from instant beverages like instant coffee and instant tea amongst others.

uSMART Securities

ASEAN Builder's Scoop (13Jun22) - FHT Cash Privatisation Offer at S$0.700/Unit

FLT buys AUS L&I prop for A$61m; LHN special dividend; FLI elevated office vacancies; SMRA evaluates project post KPK arrest; SSIA targets 80ha...

SCCM Asia Research

Food Empire Holdings Ltd. (FEH SP): Continued Growth Amidst Rising Coffee Prices.

Food Empire Holdings saw a sustained increase in sales across its core markets in FY24, showcasing a resilient consumer demand for the company’s...

KGI Securities

Food Empire Holdings Ltd. (FEH SP/ F03.SI): Continued Growth Amidst Rising Coffee Prices.

Food Empire Holdings saw a sustained increase in sales across its core markets in FY24, showcasing a resilient consumer demand for the company’s...

KGI Securities

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