SINGAPORE (June 16): RHB Group Research is upgrading its recommendation on coffeeshop owner and operator Kimly to “buy” from “neutral” with a higher target price of 26 cents from 24 cents previously. The new target price represents a 13% upside for the stock.

In a Friday report, lead analyst Jarick Seet says, “We think that most of the bad news for Kimly has already been priced in, and valuation at this level seems attractive, being a cash generative and defensive business.”

As Singapore sees more businesses open up in Phase 2, Kimly is expected to benefit from the larger crowds going outdoors.

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