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UOB Kay Hian lowers FY2021 earnings forecast for Food Empire Holdings on lower gross margin forecast

Felicia Tan
Felicia Tan9/7/2021 6:44 PM GMT+08  • 2 min read
UOB Kay Hian lowers FY2021 earnings forecast for Food Empire Holdings on lower gross margin forecast
UOB Kay Hian analysts John Cheong and Clement Ho have kept “buy” on Food Empire Holdings with an unchanged target price of $1.30.
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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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