Food Empire Holdings is likely an emerging-market coffee platform, CLSA's Mahir Murtaza says in a research report. It owns the MacCoffee and Cafe Pho franchises, controls key parts of the manufacturing chain, and operates via local distribution networks in markets where affordability, convenience, taste localization and route-to-market execution matter more than global brand scale alone. The food and beverage group has built a platform capable of converting rising coffee consumption across emerging markets into sustained revenue growth, strong cash generation and self-funded expansion, the analyst adds. The brokerage initiates coverage of the stock with an outperform rating and a target price of 3.60 Singapore dollars. Shares are 1.2% higher at S$2.56. (ronnie.harui@wsj.com)