Simons Trading Research
Food Empire - Re-evaluating Russia’s Risk
- Downgrade to NEUTRAL from Buy with lower Target Price of SGD0.60 from SGD1.07, implying 7% upside.
- We believe Food Empire is heading in the right direction over the long run, by diversifying into the Asian region. However, with the US imposing more sanctions on Russia, we expect more downside risks from the depreciation of the RUB and its regional currencies. As such, we see limited reasons to be vested in Food Empire over the near term given that 60% of its revenue is generated from Russia and other CIS countries.
Source: RHB Invest Research - 15 Aug 2018
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