SINGAPORE (June 9): The Russian RUB has appreciated some 15% against the USD over the last two months amid oil price improvements and RHB Group Research analyst Juliana Cai believes that this a positive for instant coffee manufacturer and distributor Food Empire.

The Russia market contributes to about 40% of the company’s revenue.

Cai has kept her “buy” recommendation on Food Empire with a target price of 75 cents.

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