Food Empire Holdings Results Likely Weighed by Ruble Depreciation -- Market Talk

Dow Jones2023-11-08

0315 GMT - Food Empire Holdings' coming 3Q results are likely to be positive, but the recent depreciation of the ruble may weigh, Maybank says. Analysts Jarick Seet and Eric Ong note that the Singapore-based company has raised prices by 7%-15% in two tranches to counter a weaker ruble, which has depreciated 30% since a year ago. Maybank sees revenue and gross profit remaining soft in 2H as it takes about six months for price increases to take effect, but expects performance to pick up in 1Q 2024. Maybank retains a buy call and target price of S$1.36 on the stock, with demand in Food Empire's core markets--the Commonwealth of Independent States and Vietnam--expected to remain strong and further share buybacks supporting its stock price. Shares were last at S$1.09. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

November 07, 2023 22:15 ET (03:15 GMT)

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Analysts Jarick Seet and Eric Ong note that the ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6114","symbol_name":"包装食品与肉类","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2381042578","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2381042578","pubTimestamp":1699413300,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0315 GMT - Food Empire Holdings' coming 3Q results are likely to be positive, but the recent depreciation of the ruble may weigh, Maybank says. 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