▌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.

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