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Author: StockFanatic   |   Latest post: Tue, 24 Apr 2018, 10:29 AM

 

Kimly Ltd - Defensive Staple On Verge Of Inorganic Expansion

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Kimly operates and manages coffee shops and food courts locally, which have a defensive nature accompanied by rich cash flows. Going forward, we expect Kimly to add up to 1-2 coffee shops a year, as well as ramp up on operating third party brands, which could contribute 5-8% growth pa during FY19F-20F. In addition, with M&As in the pipeline, we believe that growth would be exciting in the coming years. As a result, we initiate coverage with a BUY with DCF-derived TP of SGD0.43 (30% upside), implying FY18F P/E of 22.8x.
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