2023: Exceeds Expectations With Record-High Dividend and Core Earnings
FEH reported 2023 core earnings of US$56.5m (+25.3% yoy), outperforming our estimate by 5%. Record-high revenue was achieved, on increased sales volumes and ASPs in FEH’s core markets. Record dividend of 10 S cents/share has also been proposed to reward shareholders, translating to an attractive 7% yield. As consumer demand remains resilient across its core markets, we raise 2023 and 2024 core earnings by 3-5%. Maintain BUY with a 4% higher target price of S$1.69.
