CGS International Research, which initiated coverage on the stock with an “add” call and target price (TP) of RM1.37, viewed the company’s business model favourably given its halal-certified modern kopitiam format, strong and growing brand presence, and integrated FMCG business, which provides an additional avenue for earnings growth beyond its cafe operations

It believes the tourism tailwind would boost the company’s business, and projects 31.1% a compounded annual growth rate (CAGR) of 31.1% over FY25 to FY28, driven by 23 new outlets (in line with historical additions over FY23 to FY25), rising outlet productivity, and continued expansion of its FMCG business