KGI Securities has kept its "buy" call and $1.95 target price on Food Empire Holdingsafter it recorded continued strong growth across its various markets, especially southeast and south Asia.

In particular, thanks to brand-building efforts, it was able to generate 44.6% y-o-y jump in its 1QFY2025 revenue in Vietnam.

"This has significantly boosted Food Empire’s Southeast Asia revenue contribution, taking the top spot and contributing to 29.2% of the group’s total sales in 1Q25," says KGI in its May 26 note.