Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

<ul>
<li>No surprises in the results, margins better than our anticipation</li>
<li>Business continues to be steady &amp; the company has negative working capital</li>
<li>Kimly maintained dividend of 2 cents with a yield of 5.1% </li>
</ul>
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<h2>Raising Money for Persons with Disabilities in Singapore</h2>
<p><strong><em>For your kind consideration</em></strong></p>
<p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
<p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
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No surprises in the results, margins better than our anticipation
Business continues to be steady &amp; the company has negative working capital
Kimly maintained dividend of 2 cents with a yield of 5.1% 


Raising Money for Persons with Disabilities in Singapore
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, please visit this URL. 


Kimly: Results Slightly Better than Expected

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul>
<li>Kimly Limited is one of Singapore’s largest traditional coffee shop operators, generating majority of its revenue from its Food Retail division, selling mixed vegetable rice, dim sum, zi char and halal-certified Tenderfresh brands.</li>
<li>The Group continues to strengthen its position in the midto low-priced casual dining segment, supported by central kitchens that ensure consistency, and cost efficiency.</li>
<li>The Group is positioning itself to capture long-term dining demand in Singapore through strategic expansion of its coffee shop network and continuous enhancement of operations thought recent property acquisitions in Serangoon, Yishun and Haig Road to stabilise long-term operations and reduce reliance on lease renewals.</li>
</ul>


Kimly Limited is one of Singapore’s largest traditional coffee shop operators, generating majority of its revenue from its Food Retail division, selling mixed vegetable rice, dim sum, zi char and halal-certified Tenderfresh brands.
The Group continues to strengthen its position in the midto low-priced casual dining segment, supported by central kitchens that ensure consistency, and cost efficiency.
The Group is positioning itself to capture long-term dining demand in Singapore through strategic expansion of its coffee shop network and continuous enhancement of operations thought recent property acquisitions in Serangoon, Yishun and Haig Road to stabilise long-term operations and reduce reliance on lease renewals.


Kimly Limited (1D0.SI): Market Leader in Singapore F&B, Strong Dividend and Potential for Growth

<ul>
<li>Kimly is a traditional coffee shop, food court and industrial canteen operator in Singapore</li>
<li>The business is stable ( revenue &amp; ROE) &amp; the company enjoys high occupancy rate </li>
<li>Profitability is facing challenge due to rising operational costs and increasing competition</li>
</ul>


Kimly is a traditional coffee shop, food court and industrial canteen operator in Singapore
The business is stable ( revenue &amp; ROE) &amp; the company enjoys high occupancy rate 
Profitability is facing challenge due to rising operational costs and increasing competition


Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>The ramp-up in public housing supply in Singapore could be an opportunity for <a href="https://www.smartkarma.com/entities/kimly-ltd" target="_blank" data-smartkarma-citation="entities:28157:1" rel="noopener">Kimly Ltd</a> to fast-track expansion given its outlets, food-stalls are mostly located in public housing blocks. </li>
<li>Bigger F&amp;B retail players like Kimly are better positioned versus others to weather the multiple headwinds faced by Singapore F&amp;B retail sector today. </li>
<li>Upcoming 1H FY2023 results can trigger an up move in the stock <strong>if</strong> the company reports a meaningful margin recovery. Current undemanding valuations reflect heightened investor concerns.  </li>
</ul>


The ramp-up in public housing supply in Singapore could be an opportunity for Kimly Ltd to fast-track expansion given its outlets, food-stalls are mostly located in public housing blocks. 
Bigger F&amp;B retail players like Kimly are better positioned versus others to weather the multiple headwinds faced by Singapore F&amp;B retail sector today. 
Upcoming 1H FY2023 results can trigger an up move in the stock if the company reports a meaningful margin recovery. Current undemanding valuations reflect heightened investor concerns.  


Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a> reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. </li>
<li>Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). </li>
<li>Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. </li>
</ul>



Taste Gourmet (8371 HK) reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. 
Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). 
Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. 


Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

Singapore

Kimly Limited operates and manages coffee shops and food courts. The Company offers prepared foods and drinks for on-premise consumption. Kimly serves customers in Singapore.

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Kimly Ltd (KMLY SP)

Kimly: Results Slightly Better than Expected

Kimly's steady business performance and negative working capital. The company executed well with better-than-expected margins. Maintained a 2-cent...

Punit Khanna

Kimly Limited (1D0.SI): Market Leader in Singapore F&B, Strong Dividend and Potential for Growth

Kimly Limited is one of Singapore’s largest traditional coffee shop operators, generating majority of its revenue from its Food Retail division,...

uSMART Securities

Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield

Kimly, a traditional F&B operator in Singapore, having stable revenue, high occupancy rates, good ROE, high dividend yield but facing margin...

Punit Khanna

Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand

Upcoming 1H FY2023 results can reverse the stock's downslide if the company reports a margin recovery. Current undemanding valuations, despite...

Devi Subhakesan

Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

We provide an update on Taste Gourmet (8371 HK), which recently released its FY25 results. We summarize our call with the management and our...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kimly: Results Slightly Better than Expected

​Kimly's steady business performance and negative working capital. The company executed well with better-than-expected margins. Maintained a 2-cent...

Punit Khanna

Kimly Limited (1D0.SI): Market Leader in Singapore F&B, Strong Dividend and Potential for Growth

Kimly Limited is one of Singapore’s largest traditional coffee shop operators, generating majority of its revenue from its Food Retail division,...

uSMART Securities

Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield

​Kimly, a traditional F&B operator in Singapore, having stable revenue, high occupancy rates, good ROE, high dividend yield but facing margin...

Punit Khanna

Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand

Upcoming 1H FY2023 results can reverse the stock's downslide if the company reports a margin recovery. Current undemanding valuations, despite...

Devi Subhakesan

Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

We provide an update on Taste Gourmet (8371 HK), which recently released its FY25 results. We summarize our call with the management and our...

Sameer Taneja

Kimly's steady business performance and negative working capital. The company executed well with better-than-expected margins. Maintained a 2-cent...

Kimly, a traditional F&B operator in Singapore, having stable revenue, high occupancy rates, good ROE, high dividend yield but facing margin...