- We remain positive on Kimly (SGX:1D0). Despite missing our estimates for FY23, Kimly continues to be profitable and cash generative, paying around 60% of dividends as earnings. We see growth driven by new outlets, especially in the halal segment.
- - Read this at SGinvestors.io -
Outlook for more coffee shop outlets.
- There is a robust outlook for more outlets with the number of the Housing & Development Board’s (HDB) new supply of eating houses available for tender in the next six months – this amounts to four island wide. Locations include Sengkang, Jurong West, Punggol, and Tampines.
- There will also be four additional new eating houses from 2HCY24, which are planned for release by the HDB at Kallang/Whampoa, Tampines, Tengah, and Woodlands. This brings the total number of new HDB eating houses available for bidding to eight.
- - Read this at SGinvestors.io -
F&B food service sales expected to remain healthy in CY24.
- Post COVID-19 reopening, consumption appetite for the F&B food services have markedly improved. Singapore’s Food & Beverage Services Index (CY17=100) for other eating places recovered in CY23 to 107-124 points, compared to 89-117 points in CY22. This has already exceeded the pre- COVID-19 level of 91-107 points in CY19. As such, we expect the healthy F&B sales in 2023 to continue at elevated levels in CY24.
FY23 earnings below estimates.
- Read more at SGinvestors.io.
Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-01-17
Previous report by RHB:
2023-02-07 Kimly - Continues To Look Good; Keep 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 Dividends & Corporate Actions,
Kimly News Articles
