Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

<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

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

<ul>
<li>
<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. 


Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Kimly is a credible cash-generative operator, but not a simple asset-light case.</li>
<li>FY2025 revenue was S$322.1m, PATMI was S$33.3m and cash flow from operations (CFO) was S$85.3m.</li>
<li>CFO has stayed materially above PATMI across FY2021 to FY2025, which supports reported profit. </li>
</ul>


Kimly is a credible cash-generative operator, but not a simple asset-light case.
FY2025 revenue was S$322.1m, PATMI was S$33.3m and cash flow from operations (CFO) was S$85.3m.
CFO has stayed materially above PATMI across FY2021 to FY2025, which supports reported profit. 


<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>
<div class="content-highlight">
<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>
<p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> </p>
</div>


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

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)

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 Limited Initiating Coverage

Kimly is a credible cash-generative operator, but not a simple asset-light case. FY2025 revenue was S$322.1m, PATMI was S$33.3m and cash flow from...

ICAM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Limited Initiating Coverage

Kimly is a credible cash-generative operator, but not a simple asset-light case. FY2025 revenue was S$322.1m, PATMI was S$33.3m and cash flow from...

ICAM

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, 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...

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