UOB Kay Hian analysts John Cheong and Clement Ho have maintained “buy” on Food Empire, as they both “expect another year of record earnings” for the company.

On that, the analysts have also upped Food Empire’s target price by 37% to $1.30 from 95 cents previously, on the company’s “compelling valuation”.

“While the share price has increased 22% since we raised our target price on Jan 18, we see room for upside as valuation remains attractive at 12 times FY2021 price-to-earnings (P/E) vs peers’ average of 25 times,” they write in a report dated Feb 9.

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