Strategy

报告摘要

FEH’s operations and investments in Russia remain unaffected by the recent measures against one of its peers. The disruption to its peer’s coffee business could allow FEH to gain market share, while FEH’s Singapore base reduces the risk of asset confiscation. A potential massive short covering and share buyback are near-term catalysts. FEH trades at an attractive 12.5x 2027F PE. Maintain BUY with a target price of S$3.49.