THIS RHB ANALYSIS IS SKEWED on purpose or otherwise. IT LISTED 1ST QUARTER FINANCIAL RESULT THAT MEAN THE FIRST 3 MONTHS( jan- march). what is important is the war started after march 2022. They have loss their biggest market Russia & Ukraine (40%+ revenue) when the war started mainly due to embargo of Russia. I do not believe they can do any business with Russia as Singapore is also one of the signatory after march 2022. If they found a way of doing business that is even worse because they will get penalised severely if ever USA or Singapore decided to take action on them. Either way is no good. RhB also say a lot of companies had left Russia which is good for food empire !. It is only good when the embargo is lifted. When is it lifted? , nobody know. So RHB are talking about the future with a unknown date. It can be 1 years or it can be 10years. That kind of prediction is no prediction. What a joke and what a rubbish analysis put up by RHB. I personally feel that this analyst from RHB is not doing a good job putting up half baked report. Do not know what motives they are doing this. Not only RHB , there are 1 or 2 more analysts putting up good report for this company. Even our tiger are putting up good report generally saying food industry is expected to do well doing this period of inflation. Remember not all food company are build the same. Please do your own due diligence as most analyst will only put out what they only want you to see.