0635 GMT - Food Empire Holdings is likely benefiting from its diversification strategy and growing emphasis on Asia, UOB Kay Hian analysts say, noting these two factors drove a 12% increase in 2024 revenue. The food-and-beverage producer expects continued growth, fueled by past and ongoing investments in its brands, with a particular focus on Asia, the analysts say in a research report. The company will focus on enhancing brand visibility and expanding its consumer base in Vietnam, and production at its snack manufacturing facility in Malaysia is poised to commence in 2Q. The brokerage raises its 2025 and 2026 revenue forecasts for Food Empire by 5% and 4%, respectively. It lifts the stock's rating to buy from hold and the target price to S$1.20 from S$1.10. Shares are 3.5% higher at S$1.18. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 03, 2025 01:35 ET (06:35 GMT)
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