Maintain BUY, with a new SGD0.46 TP from SGD0.43, 24% upside. Kimly has acquired ASC for SGD16m. The latter is involved in the domestic manufacturing & distribution of a variety of beverages. This includes the Asian Story line, which has a 7.7% local market share. If we assume a PBT of SGD2m for FY18, this acquisition will be completed at ~14-15x P/E, fairly reasonable for a high-growth beverage firm. It also complements Kimly's business model and provides an overseas expansion angle to the mix. With accretion from the acquisition, we raise our DCF-backed TP. Note that Kimly is one of our Singapore mid-cap picks, and we are one of only two brokers covering this counter.