Food Empire Holdings saw its shares plummet 5.93% during intraday trading on Monday, making it the session's biggest laggard among major Singapore-listed companies.

The sharp decline followed a research note from CGS International, which cut its target price for the instant coffee maker to S$3.33 from S$4.00. Analyst William Tng noted that while the company's first-half profit is likely to grow year-on-year, it is expected to decline sequentially from a strong second-half performance in 2025.

CGS International also reduced its earnings per share estimates for 2026-2028 by approximately 17% to account for a 1-for-5 bonus issue. The firm maintained its "add" rating on the stock but highlighted the sequential profit decline as a near-term concern for investors.