Azure Capital has noticed Kingsmen. Check out Terence Wong’s post on IN.

2019 will be a big year for Kingsmen. Kingsmen’s Retail and Interiors segment could get a boost from the opening of Jewel Changi Airport (280 shops and restaurants) in April 2019. This segment’s 2018 pretax earnings is already up 90% year on year and Kingsmen’s clients including COACH, Hugo Boss and Kate Spade have stores in Jewel. Funan Mall, another major development is also opening in June 2019. Any boost in retail earnings can be reinvested in the company’s promising NERF business.

Net cash makes up around 40% of the company’s market cap so there is a nice margin of safety while waiting for NERF Marina Square to open in end-2019.

Kingsmen’s 2018 net profit was down due to several one-off issues including tax , Art Stage bad debt issues and NERF-related start-up costs. Motley Fool Singapore