Analysts believe Food Empire&rsquo s shares could go past $3 after the company&rsquo s revenue for the 9MFY2025 reached a new high.

 

For the nine months ended Sept 30, total revenue surged by 23.9% y-o-y to US$426.7 million ($555.0 million), as 3QFY2025 revenue grew by 28.3% y-o-y to US$152.6 million. The higher quarterly revenue was driven by a particularly strong quarter by Food Empire&rsquo s Russia and Ukraine, Kazakhstan and CIS (Commonwealth of Independent States) segments.

 

According to Food Empire, the company is on track to reach its fifth straight financial year of record revenue.

 

As Food Empire&rsquo s 9MFY2025 revenue surpassed CGS International&rsquo s (CGSI) expectations at 82% of its full-year forecasts, analyst William Tng has raised his FY2025, FY2026 and FY2027 forecasts by 12.1%, 7% and 1.9% respectively. Given the higher forecasts, Tng&rsquo s target price is lifted to $3.18 from $3.09 previously. His valuation remains unchanged at 3 standard deviations (s.d.) above the average FY2027 P/E of 17 times (from FY2017 to FY2025). The analyst has maintained his &ldquo add&rdquo call.

 

&ldquo In our view, Food Empire should consider a bonus issue to improve its trading liquidity when FY2025 results are announced in February 2026,&rdquo Tng writes.

 

UOB Kay Hian analysts John Cheong and Heidi Mo have maintained their &ldquo buy&rdquo call and an unchanged target price of $3 after Food Empire&rsquo s 9MFY2025 revenue formed 81% of their full-year estimates.

 

Due to the higher-than-expected 3QFY2025 performance, Cheong and Mo have raised their revenue and earnings forecasts by 2% to 3% for FY2025 to FY2027.

 

&ldquo Food Empire trades at a 16.5 times FY2026 P/E, [representing] a deep 35% discount to [its] regional peers&rsquo average of 24.7 times,&rdquo the analysts write.

The group&rsquo s nine-month revenue is at an all-time high

 

[SINGAPORE]   Food Empire   : F03 +0.43% posted a revenue of US$152.6 million for the third quarter ended Sep 30, 2025, up 28.3 per cent from a year ago.

 

In a bourse filing on Wednesday (Nov 12), the group attributed the rise to strong growth across its segments in Europe, specifically Russia, Ukraine, Kazakhstan and the Commonwealth of Independent States (CIS). 

 

Revenue from Russia in Q3 increased 48.8 per cent year on year. Revenue from the Ukraine, Kazakhstan and CIS segment rose by 39.2 per cent.

 

Both segments&rsquo growth was &ldquo driven generally by consumer promotions and an increase in volume and price gains&rdquo over the last year, Food Empire said. It added that robust consumer demand was due to &ldquo focused marketing and brand investments, as well as an expanded distribution network&rdquo .

 

&ldquo Strong double-digit growth&rdquo across the group&rsquo s core segments also drove its nine-month revenue to a new high. Group revenue for the first nine months of 2025 jumped to US$426.7 million, up 23.9 per cent from US$344.3 million for the corresponding period in 2024.

 

Revenue from the group&rsquo s South-east Asia segment rose 20.8 per cent year on year to US$114.5 million in 9M 2025. 

 

This was mainly due to the Vietnam market, which generated a 29.3 per cent increase in sales to US$73.5 million, or more than 60 per cent of the segment&rsquo s revenue for the period. Food Empire attributed this to a &ldquo high rate of consumer acquisition, sustained brand investments and consumer promotions in Vietnam&rdquo .

 

The South Asia segment drew revenue of US$54.5 million in 9M 2025, up 20.3 per cent from US$45.3 million a year earlier. This, the group said, was due to &ldquo sustained growth in sales volumes of both freeze-dried and spray-dried soluble coffee&rdquo . 

 

Sudeep Nair, Food Empire&rsquo s chief executive officer, said the group is &ldquo very optimistic of achieving our fifth consecutive record financial year&rdquo , given its &ldquo all-time high&rdquo 9M 2025 revenue.

 

&ldquo Looking ahead, we will continue to make strategic investments to further strengthen our business model towards a resilient and sustainable future for the group,&rdquo he added.