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Building strong brand recognition. KOPI's strong appeal in Malaysia was established rapidly, and it is now focusing on the mass market by offering affordable and familiar local cuisines, primarily in mall-based locations. In just four years since its establishment in 2020, it delivered an impressive FY22-24 profit CAGR of 112%, reaching MYR43.1m from just 17 outlets with payback periods of 10-12 months - outperforming industry benchmarks. By maintaining high quality standards, expanding its brand presence, and leveraging active digital marketing, KOPI is well-positioned to further enhance its brand equity and sustain long-term growth.
Riding the wave of tourism recovery. According to the Ministry of Tourism, Arts and Culture, tourist arrivals in Malaysia surged by 27% YoY to 18.4m in 9M24. As tourism continues to recover, we believe KOPI is well-positioned to cater for demand for authentic Malaysian cuisine, with strategically located outlets at airports and high-traffic mall.
Forecast and ratings. We project a 3-year earnings CAGR of 32.9% for Oriental Kopi and a FV of MYR0.64, based on a 20x FY25F P/E (see pages 2-3 for justification). Key risks include delays in executing its expansion plans, a sharp rise in operating costs, and increased competition.
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