CGS-CIMB Research analysts Ong Khang Chuen and Kenneth Tan have initiated “add” on Kimly with a target price of 46 cents, representing a 20.0% upside to the counter’s last-closed price of 38 cents.

The group, which was established in 1990, is the largest coffeeshop operator in Singapore. It was listed on the Catalist board of the SGX-ST in March 2017.

In their report dated June 21, Ong and Tan have also forecast a two-year core earnings per share (EPS) compound annual growth rate (CAGR) of 47% in from FY2020 to FY2022.

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