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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 Holdings3.060-0.050
Avi-Tech Electronics0.3850.005
Best World Int.1.360-
China Sunsine0.365-0.015
CNMC GoldMine0.2100.005
CSE Global0.4400.010
Food Empire0.500-0.005
Golden Energy0.174-
GSS Energy0.0680.003
ISDN Holdings0.2350.015
IX Biopharma0.2550.005
JB Foods0.490-
KSH Holdings0.3200.015
Medtecs Intl0.2550.005
Moya Asia0.063-
Nordic Group0.225-
Oxley Holdings0.2400.005
REX International0.1550.015
Sing Holdings0.3300.010
Straco Corp.0.505-
Sunningdale Tech0.9850.040
Sunpower Group0.445-0.010
The Trendlines0.109-
Tiong Seng0.150-0.002
Uni-Asia Group0.5550.085
Yangzijiang Shipbldg0.9400.005

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