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Food Empire Holdings Limited
(SGX:F03)
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Rating:65Neutral
Price Target:
S$2.50
▲(11.61% Upside)
Action:Reiterated
Date:08/21/26
The score is primarily supported by solid underlying financial strength (healthy operating margins and low leverage), but it is held back by deteriorated net profitability and weaker/volatile cash-flow conversion. Technical signals are bearish with the stock below key moving averages and negative momentum indicators, while valuation is a headwind due to a high P/E despite a reasonable dividend yield.
Positive Factors
Healthy Operating Margins
Sustained gross and operating margins indicate a resilient branded consumer-products model with pricing, scale, and manufacturing advantages. This provides a durable earnings base even when input costs or product mix fluctuate.
Negative Factors
Lower Net Profitability
The decline in net margin shows that stronger gross and operating margins are not fully reaching shareholders. If caused by higher costs, pricing pressure, or adverse mix, it could constrain earnings growth until the underlying pressures ease.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy Operating Margins
Sustained gross and operating margins indicate a resilient branded consumer-products model with pricing, scale, and manufacturing advantages. This provides a durable earnings base even when input costs or product mix fluctuate.
Read all positive factors
Food Empire Holdings Limited (F03) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.47B
Dividend Yield3.98%
Average Volume (3M)1.79M
Price to Earnings (P/E)17.2
Beta (1Y)1.17
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. Volume1,172,280
30 Day Avg. Volume1,792,670
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)0.12
Revenue Forecast (FY)S$636.41M
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 | 107.52M | 107.35M | 81.11M | 79.30M | 61.34M | 34.00M |
| 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
2.41
Negative
2.45
Negative
2.34
Negative
Market Momentum
-0.05
Positive
35.12
Neutral
9.11
Positive
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 below the 20-day moving average (MA) of 2.38, below the 50-day MA of 2.41, and below the 200-day MA of 2.34, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 35.12 is Neutral, neither overbought nor oversold. The STOCH value of 9.11 is Positive, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | S$2.05B | 14.70 | 4.55% | 3.82% | -2.52% | -6.24% | |
65 Neutral | S$1.47B | 17.21 | 19.74% | 3.71% | 14.02% | 146.88% | |
63 Neutral | S$485.87M | 11.15 | 12.37% | 3.97% | -2.00% | 23.78% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | S$126.36M | 2.55 | -6.18% | ― | -58.61% | ― |
* Consumer Defensive Sector Average
SG:F03
Food Empire Holdings Limited
2.24
0.34
18.14%
SG:D03
Del Monte Pacific
0.07
>-0.01
-8.97%
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1.41
0.03
2.25%
SG:P34
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0.79
0.05
6.22%
SG:Y03
Yeo Hiap Seng Ltd
0.56
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SG:K03
Khong Guan Limited
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0.11
12.50%
Food Empire Holdings Limited Corporate Events
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 ...
Food Empire Transfers Treasury Shares for Employee Stock Options
Jun 19, 2026
Food Empire Holdings has transferred 466,000 treasury shares from its share buyback account on 19 June 2026 to satisfy obligations under its Employees’ Share Option Schemes. The move reduces its treasury share balance from 1,386,688 to 920,6...
Food Empire climbs Fortune Southeast Asia ranking on record revenue and plant expansion
Jun 16, 2026
Food Empire has climbed 43 places to 421st in the 2026 Fortune Southeast Asia 500, reflecting continued revenue momentum in FY2025, when sales grew 21.1% year-on-year to a record US$576.9 million, marking five consecutive years of topline expansio...
Food Empire’s MacCoffee Extends 3‑in‑1 Coffee Reign in Uzbekistan to Fifth Year
May 28, 2026
Food Empire Holdings’ flagship brand MacCoffee has been named “Leader among 3-in-1 Coffee Brands in Uzbekistan in 2025” at the Brand Awards International 2026, marking its fifth consecutive year at the top of this fast‑grow...
Food Empire Uses Treasury Shares for Employee Option Scheme
May 28, 2026
Food Empire Holdings Limited has transferred 120,000 treasury shares from its share buyback account to fulfill obligations under its employees’ share option schemes. The move reduces its treasury share balance from 813,074 to 693,074 shares,...
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.