Food Empire's Earnings Growth Set to Persist on Robust Demand -- Market Talk

Dow Jones2023-11-14

0356 GMT - Food Empire's earnings growth is poised to persist, UOB Kay Hian analysts say in a research note as they raise the stock's target price to S$1.63 from S$1.36 with an unchanged buy rating. In local currency terms, all of the Singapore-listed company's core markets achieved higher revenue in 3Q, which points to robust demand across these markets, the analysts say. Even though it adjusted prices during the year, the food and beverage manufacturer's sales volumes continued to rise, demonstrating its products' price inelasticity, the analysts say. Its overall performance has exceeded the brokerage's expectations despite currency depreciation in the first nine months of 2023, the analysts add. Shares are unchanged at S$1.13. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

November 13, 2023 22:56 ET (03:56 GMT)

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Even though it adjusted prices during the year, the food and beverage manufacturer's sales volumes continued to rise, demonstrating its products' price inelasticity, the analysts say. Its overall performance has exceeded the brokerage's expectations despite currency depreciation in the first nine months of 2023, the analysts add. Shares are unchanged at S$1.13. 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