SINGAPORE (Nov 22): RHB Research is upgrading F&B manufacturer Food Empire to “buy” given 3Q18 result came in above expectations.

RHB says diversification to other markets is reducing the group’s exposure to the weakening Russian rouble and having a positive impact on share price.

In a Monday report, RHB analyst Juliana Cai sees value emerging from the stock which should be able to maintain its profits given the group’s ability to manage gross margin and reduce forex losses.

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