Brokers' take

Food Empire Holdings | Buy Target price:S$0.78 Mar 2 close: S$0.585 UOB Kay Hian, March 2

2016 results came in within our expectations, completing the comeback from a break-even year in 2015. The group has declared a dividend which came as a surprise, signalling management's confidence. We are optimistic about Food Empire's fortunes moving forward due to a stable Russian rouble, strong growth prospects in Indochina and proven pricing power in the Commonwealth of Independent States region. Maintain "buy" with an unchanged price-earnings ratio-based target price of S$0.78.

QAF Limited | Hold Target price: S$1.46 Mar 2 close: S$1.42 OCBC Investment Research, March 2