[%XgGh%] 
Research by CGS
Add – TP of MYR 4.71

“Let it continue to brew; upgrade to Add” 

We believe the premiumisation of coffee consumption is a secular trend that will continue to shape consumer behaviour, thus benefitting Uchi going ahead. According to International Coffee Organization (ICO), there has been a shift in consumer behaviour towards specialty and high-quality coffees. This trend has pushed coffee machine makers, including Uchi’s main customer, to introduce new SKUs with more specialty features, including the ability to make cold brew coffee, flavoured options, as well as drinks with functional ingredients, said ICO. According to Research & Markets, the global automated coffee machine market is expected to post CAGR of 4.3% between 2022 and 2030F

Analyst(s):
Shafiq KADIR
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Dharmini THURAISINGAM
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$KLSE-UCHITEC 
Research by CGS
Add – TP of MYR 4.71

“Let it continue to brew; upgrade to Add” 

We believe the premiumisation of coffee consumption is a secular trend that will continue to shape consumer behaviour, thus benefitting Uchi going ahead. According to International Coffee Organization (ICO), there has been a shift in consumer behaviour towards specialty and high-quality coffees. This trend has pushed coffee machine makers, including Uchi’s main customer, to introduce new SKUs with more specialty features, including the ability to make cold brew coffee, flavoured options, as well as drinks with functional ingredients, said ICO. According to Research & Markets, the global automated coffee machine market is expected to post CAGR of 4.3% between 2022 and 2030F

Analyst(s):
Shafiq KADIR
shafiq.abkadir@cgsi.com
Dharmini THURAISINGAM
dharmini@cgsi.com

$UCHITEC / 7100 (UCHI TECHNOLOGIES BERHAD)