Yeo is reiterating his earlier call made on March 16. Since then, Food Empire has gained 18% to $1.03, outperforming the wider market.

"We do not see significant decline in demand for Food Empire's food products in Russia despite its recent political developments.

"We believe food products will continue to be well distributed and sold in these markets despite the conflict," says Yeo.

He expects sales in Russia, Ukraine, Kazakhstan, and CIS segments to continue to perform well, especially with the ongoing brand investment to win market share.

Over at southeast Asia, which is the company's third largest market segment, growth will be generated by demand in Vietnam.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/brokers-calls/brokers-digest-ihh-healthcare-flct-boustead-singapore-brc-asia-starhill-global?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Broker's digest: IHH Healthcare, FLCT, Boustead Singapore, BRC Asia, Starhill Global REIT, MPACT, Kimly</a></b></span>

"Post COVID-19 normalisation, Vietnam will see increased advertising and promotional activities to drive growth," notes Yeo.

While demand for the company's potato chips will remain strong from private label customers, Food Empire is chalking up new growth by adding capacity to its non-dairy creamer factory, the analyst says.

Downside risks include disruption of the company's operations due to the Russia-Ukraine conflict, as well as volatile forex movements.

Food Empire closed July 5 at $1.04, up 0.97%.

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