▌What’s on the Table…

Kimly Group (ADD, tp:SGD0.46) – Delightful flavours
We expect Kimly to maintain its no.1 coffee shop operation market share in
Singapore, with a 2-year core EPS CAGR of 47% in FY9/20-22F. Tailwinds from
hybrid work-from-home initiatives and growing presence of food delivery services.
Strong balance sheet with 1H21 net cash of S$59m. We initiate coverage with
an Add rating and TP of S$0.46, pegged to 16.8x FY22F P/E. Catalysts: M&A and
faster outlet expansion.


▌News of the Day…

• Fed-fuelled US$ rises as bears rush for exit
• China Reits could give S-Reits some competition
• Advanced Holdings proposes to transfer listing to Catalist board
• LifeBrandz raises S$5m from rights, warrants issue
• ISDN brings industrial automation to farms, oil fields, grids with Whizpace tie-up
• Singapore Airlines’ S$6.2b MCB rights issue undersubscribed
• MC Payment receives letter of intent from Indonesia’s OY! for equity stake
• Nam Cheong’s current assets ‘unlikely to adequately meet’ RM1.38b in liabilities
• Hanwell, Serial System see changes in director interests