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

Equity Bottom-Up

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<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

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a> benefited from the SG60 cash handouts and expanded CDC (spending voucher) disbursement. </li>
<li>As growth plateaus and there are better stocks out there to offer yield and return, investors are likely to rotate out; hence, the 28x PER will normalize to 18-20x. </li>
<li>Investors could either do a short Sheng Shiong or sell their existing holdings to book profit. Another way is to pair this with <a href="https://www.smartkarma.com/entities/kimly-ltd" target="_blank" data-smartkarma-citation="entities:28157:1" rel="noopener">Kimly (KMLY SP)</a>with 2% positive yield. </li>
</ul>



Sheng Siong (SSG SP) benefited from the SG60 cash handouts and expanded CDC (spending voucher) disbursement. 
As growth plateaus and there are better stocks out there to offer yield and return, investors are likely to rotate out; hence, the 28x PER will normalize to 18-20x. 
Investors could either do a short Sheng Shiong or sell their existing holdings to book profit. Another way is to pair this with Kimly (KMLY SP)with 2% positive yield. 


Sheng Shiong (SSG) Vs. Kimly: Convergence

Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

<ul><li>We initiate coverage of Kimly, one of the largest traditional coffee shop or kopitiam chains in Singapore (SG), known for its good food and affordable prices and an SG staple with a BUY recommendation.</li><li>Kimly posted F&amp;B revenues of $260 mil in FY25 (5.9% mkt share of SG $4.4 bn food court segment).</li><li>Kimly has been strengthening its market presence in high density locations in HDB towns. </li></ul>

We initiate coverage of Kimly, one of the largest traditional coffee shop or kopitiam chains in Singapore (SG), known for its good food and affordable prices and an SG staple with a BUY recommendation.Kimly posted F&amp;B revenues of $260 mil in FY25 (5.9% mkt share of SG $4.4 bn food court segment).Kimly has been strengthening its market presence in high density locations in HDB towns. 

KIMLY: SG Staple – Riding the Massive HDB Wave

Vriddhi Consulting

Punit Khanna

Independent Insight Provider

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<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

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<a href="https://www.smartkarma.com/entities/kimly-ltd" target="_blank" data-smartkarma-citation="entities:28157:1" rel="noopener">Kimly (KMLY SP)</a> is a defensive, stable consumer business that is very much integrated into Singapore's way of living. </li>
<li>Unlike its peers, such as Oriental Kopi, which are still growing and expanding their physical presence rather aggressively, Kimly has done it carefully.</li>
<li>Investors will pay less than 6x EV/EBITDA for a consistent 5% dividend. </li>
</ul>



Kimly (KMLY SP) is a defensive, stable consumer business that is very much integrated into Singapore's way of living. 
Unlike its peers, such as Oriental Kopi, which are still growing and expanding their physical presence rather aggressively, Kimly has done it carefully.
Investors will pay less than 6x EV/EBITDA for a consistent 5% dividend. 


Singapore

Kimly Limited is one of Singapore's largest traditional coffee shop operators, managing an extensive network of coffee shops, food courts, and industrial canteens. The company also retails cooked food directly to consumers through various stalls and restaurants, and manufactures and processes food products. Kimly Limited was founded in 1990 and is headquartered in Singapore.

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Kimly (KMLY SP)

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

Sheng Shiong (SSG) Vs. Kimly: Convergence

Sheng Shiong's share price rally is driven by multiple expansion rather than earnings growth hence it may normalize soon when 1) RTS opens, 2)...

Henry Soediarko

KIMLY: SG Staple – Riding the Massive HDB Wave

We initiate coverage of Kimly, one of the largest traditional coffee shop or kopitiam chains in Singapore (SG), known for its good food and...

RHT Capital

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: Reliable and Stable Staple

Kimly (KMLY SP) is a stable consumer business in Singapore with careful growth strategy, offering investors a consistent 5% dividend at less than...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Sheng Shiong (SSG) Vs. Kimly: Convergence

Sheng Shiong's share price rally is driven by multiple expansion rather than earnings growth hence it may normalize soon when 1) RTS opens, 2)...

Henry Soediarko

KIMLY: SG Staple – Riding the Massive HDB Wave

We initiate coverage of Kimly, one of the largest traditional coffee shop or kopitiam chains in Singapore (SG), known for its good food and...

RHT Capital

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: Reliable and Stable Staple

​Kimly (KMLY SP) is a stable consumer business in Singapore with careful growth strategy, offering investors a consistent 5% dividend at less than...

Henry Soediarko

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

Kimly (KMLY SP) is a stable consumer business in Singapore with careful growth strategy, offering investors a consistent 5% dividend at less than...