UOB Kay Hian analysts John Cheong and Clement Ho have kept “buy” on Food Empire Holdings with an unchanged target price of $1.30 in a Sept 2 report.

The estimate comes as the company reported net profit of US$11.5 million ($15.2 million) in the 1HFY2021 ended June on Aug 13.

The figure stood below the analysts’ expectations at 37% of their FY2021 estimates due to margin pressures on high commodity prices and record-high ocean freight rates.

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