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Jumbo Group (JUMBO SP)

FY19: Earnings Growth Driven By Margin Expansion


Jumbo’s 4QFY19 net profit of S$2.6m (+4.6% yoy) is largely within expectations. While revenue came in flat, declining 0.1% yoy in FY19, net profit grew 5.9% yoy, mainly due to higher gross and operating margins on cost efficiencies. We expect a better FY20 on stronger contributions from the Singapore operations and higher margins. Upgrade to BUY with a higher target price of S$0.44 as we roll over valuation to FY20 (20.3x FY20F PE).


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Kimly (KMLY SP)

A Better Year Ahead; Stay NEUTRAL


 Maintain NEUTRAL, new DCF-based TP of SGD0.24 from SGD0.23, 0% downside with 6% FY20F (Sep) yield. FY19 revenue rose 3% YoY, but PATMI dropped 8.4% from higher selling and distribution expenses. We expect Kimly to continue growing its footprint and diversifying product offerings. It recently synergised central kitchen operations, and announced the acquisition of 10 coffee shops and industrial canteens for SGD59m. With the ongoing investigations likely to create an overhang effect, we make no change to our call.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.9300.030
Avi-Tech Electronics0.4200.005
Best World Int.1.360-
China Sunsine0.5100.010
CNMC GoldMine0.245-
CSE Global0.535-
Eagle HTrust USD0.515-0.005
Food Empire0.615-
Golden Energy0.159-
GSS Energy0.0860.002
ISDN Holdings0.2200.005
JB Foods0.655-
KSH Holdings0.4400.010
Moya Asia0.065-0.001
Nordic Group0.280-
Oxley Holdings0.350-0.005
REX International0.1860.007
Sing Holdings0.3900.005
Straco Corp.0.6750.005
Sunningdale Tech1.3300.050
Sunpower Group0.5900.015
The Trendlines0.087-
Tiong Seng0.200-
Uni-Asia Group0.745-
Yangzijiang Shipbldg1.1300.040

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