We reiterate Add, due to: a) its potential to grow its operations in Vietnam into a new major revenue contributor, b) its potential to grow its food ingredients business, and c) the end of its current major capex cycle in FY23, allowing FEH to improve its dividends. Key re-rating catalysts: a) improving operating margins on stabilising market demand, and b) maintaining its market share in its key market, Russia. Key downside risks are: 1) an escalation in the Russia-Ukraine conflict affecting its Russian operations, and 2) depreciation of the Russian ruble against US$, leading to lower revenue in US$ terms.