UOB Kay Hian is downgrading its call on coffeeshop operator Kimly to “hold” from “buy” previously, with a higher target price of 41 cents from 36 cents previously.
This came on the back of the group recording a 13.2% y-o-y increase in revenue to record S$238.6 million for the full year ended September 30, 2021 (FY2021), mainly due to revenue growth from all three of its Business Divisions. These comprise food retail, outlet management, and outlet investment business. Kimly also registered net profit after tax of $39.3 million for FY2021, an increase of 55.7% y-o-y.
See: Kimly's FY2021 net profit surges by 55.7%