0643 GMT - Food Empire's likely strengthened trading liquidity from its 1-for-5 share bonus issue could support a valuation rerating, says DBS Group Research's Zheng Feng Chee in a note. The analyst expects the Singapore-listed instant coffee maker to continue performing strongly thanks to favorable currency movements, stronger macroeconomic conditions in key markets and lower coffee input costs. While the bonus share issuance doesn't alter the company's fundamentals, DBS cuts its target price to S$3.05 from S$3.65 to reflect the higher number of shares. The bank maintains a buy rating. Shares fall 0.8% to S$2.49. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
June 04, 2026 02:43 ET (06:43 GMT)
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