Kimly - RHB Invest 2023-02-07: Continues To Look Good; Keep BUY

• Over the past 12 months, Kimly's share price has declined ~16% from S$0.40 since two former directors were found guilty and fined for not disclosing conflicts of interest in the Asian Story Corp acquisition deal. Meanwhile, Kimly's FY22 (Oct 2021 to Sep 2022) earnings missed our estimates.
• - Read this at SGinvestors.io -
• This report marks the transfer of coverage to Singapore Research.

Kimly's reported decent FY22 performance.

• Kimly (SGX:1D0)'s headline earnings for FY22 came in at S$34m (-13% y-o-y) amid a decrease in government grants. Revenue for FY22 grew 33% y-o-y to S$318.8m due to newly acquired Tenderfresh, which contributed S$73.5m.
• - Read this at SGinvestors.io -
• Headline gross margins were lower at 29% (-3ppts) due to reduced government grants and rental rebates from landlords. Stripping out these non-recurring grants, FY22 posted a slightly better core margin.

Strong demand in overall F&B sales.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2024-01-17 Kimly - Halal Brands To Drive Growth; Maintain BUY.

Price targets by other brokers at Kimly Target Prices.

Listing of research reports at Kimly Analyst Reports.

Relevant links:
Kimly Share Price History,
Kimly Announcements,
Kimly Dividend Payout Dates & Corporate Actions,
Kimly News