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Food Empire Holdings Limited
(SGX:F03)
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Rating:69Neutral
Price Target:
S$2.00
▼(-10.71% Downside)
Action:Reiterated
Date:09/22/26
The score is driven primarily by solid financial health (good operating margins and low leverage) and supportive valuation (moderate P/E and high dividend yield). These positives are meaningfully offset by weak technicals—price below key moving averages with negative MACD—despite oversold readings that may indicate selling pressure is extended.
Positive Factors
Branded international business
Proprietary beverage brands and an international distribution footprint can support repeat purchasing, market access, and customer recognition over time. This business model provides a platform for extending existing products into additional markets while reducing reliance on a single geography.
Negative Factors
Moderating revenue growth
Slower top-line growth may indicate that volume expansion, pricing, or market development is becoming harder to sustain. If this persists, the company could have fewer opportunities to leverage its distribution platform and may face greater pressure to rely on efficiency or mix improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Branded international business
Proprietary beverage brands and an international distribution footprint can support repeat purchasing, market access, and customer recognition over time. This business model provides a platform for extending existing products into additional markets while reducing reliance on a single geography.
Read all positive factors
Food Empire Holdings Limited (F03) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.26B
Dividend Yield5.99%
Average Volume (3M)1.64M
Price to Earnings (P/E)14.6
Beta (1Y)1.15
Revenue Growth14.02%
EPS Growth146.88%
CountrySG
Employees4,693
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)0.10
Shares Outstanding662,271,360
10 Day Avg. Volume951,516
30 Day Avg. Volume1,635,708
Financial Highlights & Ratios
PEG Ratio-0.70
Price to Book (P/B)2.31
Price to Sales (P/S)1.45
P/FCF Ratio14.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$3.26Price Target Upside45.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.11
Revenue Forecast (FY)S$642.81M
Food Empire Holdings Limited Business Overview & Revenue Model
Company Description
Food Empire Holdings Limited, established in Singapore in 1992, functions as an investment holding company with a primary focus on branding and manufacturing within the food and beverage sector. The company offers a diverse range of products, incl...
How the Company Makes Money
Food Empire primarily makes money by selling branded packaged consumer food and beverage products, with instant coffee mixes and other instant beverage products as its main revenue drivers. Revenue is generated when the company manufactures (and/o...
Food Empire Holdings Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 617.93M | 585.85M | 476.35M | 425.71M | 398.36M | 320.07M |
| Gross Profit | 207.33M | 196.51M | 144.39M | 141.45M | 118.84M | 93.66M |
| EBITDA | 111.02M | 107.35M | 81.11M | 81.75M | 63.23M | 35.99M |
| Net Income | 72.82M | 36.55M | 52.53M | 56.51M | 60.10M | 19.50M |
Balance Sheet | ||||||
| Total Assets | 573.92M | 565.99M | 460.08M | 402.90M | 381.50M | 340.04M |
| Cash, Cash Equivalents and Short-Term Investments | 152.04M | 181.44M | 130.85M | 131.94M | 125.60M | 60.56M |
| Total Debt | 112.21M | 94.23M | 82.85M | 41.10M | 44.62M | 53.32M |
| Total Liabilities | 204.99M | 195.94M | 163.99M | 108.41M | 105.90M | 113.48M |
| Stockholders Equity | 369.77M | 367.78M | 293.82M | 295.64M | 276.70M | 227.72M |
Cash Flow | ||||||
| Free Cash Flow | 40.27M | 60.32M | 1.09M | 38.06M | 58.64M | 8.02M |
| Operating Cash Flow | 80.74M | 86.70M | 25.52M | 50.58M | 72.83M | 14.67M |
| Investing Cash Flow | -39.60M | -26.29M | -18.34M | -12.37M | 18.98M | -5.80M |
| Financing Cash Flow | -25.05M | -11.63M | -5.74M | -31.54M | -26.22M | -17.01M |
Food Empire Holdings Limited Technical Analysis
Negative
2.24
Price Trends
2.16
Negative
2.28
Negative
2.31
Negative
Market Momentum
-0.08
Negative
37.73
Neutral
25.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F03, the sentiment is Negative. The current price of 2.24 is above the 20-day moving average (MA) of 1.97, above the 50-day MA of 2.16, and below the 200-day MA of 2.31, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 37.73 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:F03.
Food Empire Holdings Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | S$1.26B | 14.64 | 19.74% | 5.99% | 14.02% | 146.88% | |
63 Neutral | S$430.87M | 9.94 | 12.37% | 4.95% | -2.00% | 23.78% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | S$1.92B | 12.49 | 5.02% | 4.17% | -2.52% | -6.24% | |
52 Neutral | S$110.81M | 1.62 | -7.79% | 0.91% | -49.36% | ― |
* Consumer Defensive Sector Average
SG:F03
Food Empire Holdings Limited
1.92
0.09
4.86%
SG:D03
Del Monte Pacific
0.06
-0.03
-38.04%
SG:F99
Fraser & Neave
1.32
-0.12
-8.14%
SG:P34
Delfi
0.71
-0.10
-12.75%
SG:Y03
Yeo Hiap Seng Ltd
0.54
-0.04
-7.06%
SG:K03
Khong Guan Limited
0.97
0.10
12.21%
Food Empire Holdings Limited Corporate Events
Food Empire Says Russian Operations Unaffected by Recent Measures
Sep 21, 2026
Food Empire Holdings Limited, a Singapore-based food and beverage group, has operated in Russia for over three decades and has manufactured locally there since 2006. The company continues to invest in its brands and marketing in the Russian market...
Food Empire Reduces Treasury Stock to Fund Employee Share Options
Sep 15, 2026
Food Empire Holdings Limited has transferred 90,000 treasury shares from its share buyback account to fulfill obligations under its Employees’ Share Option Schemes, signaling continued use of equity-based incentives to reward and retain staf...
Food Empire’s ‘Future Ready’ Annual Report Nets Seven ARC Awards
Sep 14, 2026
Food Empire Holdings has strengthened its profile as a transparent and investor-focused consumer goods group with its FY2025 annual report, themed “Future Ready,” winning seven honours at the 2026 International ARC Awards. The accolade...
Food Empire Transfers Treasury Shares for Employee Option Scheme
Aug 28, 2026
Food Empire Holdings Limited has transferred 75,000 treasury shares from its share buyback account under its Employees’ Share Option Schemes, signalling continued use of equity-based incentives to reward and retain staff. Following the trans...
Food Empire Uses Treasury Shares for Employee Stock Options
Aug 20, 2026
Food Empire Holdings Limited has transferred 72,000 treasury shares from its share buyback account on 20 August 2026 to satisfy obligations under its Employees’ Share Option Schemes. The transaction, valued at about S$174,000, reduces the gr...
Food Empire Delivers Record 1H2026 Revenue as Coffee Markets Drive Global Growth
Aug 13, 2026
Food Empire reported a robust first half for 2026, with revenue up 15.0% year on year to US$315.1 million and normalised net profit rising 12.2% to US$35.3 million, driven by broad-based growth across key markets. Russia led with a 24.6% revenue i...
Food Empire Updates Use of Note and Treasury Share Proceeds
Aug 12, 2026
Food Empire Holdings Limited has provided an update on the deployment of funds raised through a US$40 million issuance of 5.5% redeemable exchangeable notes by its subsidiary Empire APAC Pte. Ltd. Of this, US$26.5 million has been disbursed, mainl...
Food Empire Retains Leadership For Good Champion Title at 2026 Brands For Good Awards
Jul 23, 2026
Food Empire Holdings has been named “Champion” in the Leadership For Good category at the 2026 Brands For Good Awards for the second consecutive year, recognising its purpose-led leadership and contributions to communities across its i...
Food Empire Taps Treasury Shares for Employee Option Scheme
Jul 9, 2026
Food Empire Holdings Limited has transferred 216,000 treasury shares from its share buyback account on 9 July 2026 to fulfil obligations under its Employees’ Share Option Schemes, in line with its equity-based compensation plans. Following t...
Food Empire Transfers Treasury Shares for Employee Option Scheme
Jun 24, 2026
Food Empire Holdings Limited has transferred 132,000 treasury shares on 24 June 2026 under its employees’ share option schemes, reducing its treasury shareholding from 1,070,688 to 938,688 shares. The move slightly lowers treasury shares as ...
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.