KUALA LUMPUR, Jan 23 — Oriental Kopi made a strong debut on Bursa Malaysia, with its shares soaring by 90.91 per cent on its first trading day, reflecting heavy investor demand.

The Star Online reported that the kopitiam chain operator, which listed its shares on the ACE Market at 44 sen each, saw the stock climb to an intraday high of 84 sen within the first 40 minutes of trading.

The company’s shares were the most actively traded on Bursa Malaysia, with 378.59 million shares changing hands early in the session, it added.

Analysts have expressed optimism about Oriental Kopi’s future. Hong Leong Investment Bank (HLIB) Research initiated coverage on the stock with a “buy” recommendation and a target price of 81 sen per share.

HLIB’s target is based on a 20x FY26 price-earnings ratio (PE), noting that there is no direct peer comparison in the market. However, it pointed out that OldTown Bhd, taken private in 2017, was valued at 23.6x its FY17 PE ratio.

“At just four years old with 20 outlets, the company remains in its early stage, offering significant growth potential,” HLIB said in its report.

The research firm also highlighted that Oriental Kopi plans to prioritise high foot-traffic locations for its expansion.

The chain has ambitious growth plans, including the opening of 50 outlets in Malaysia, setting it apart from competitors operating hundreds of outlets, The Star Online added.

Oriental Kopi aims to open 10 new cafes in Malaysia in FY25 and three more in FY26, while also planning to add two outlets in Singapore by 2025.

Meanwhile, MIDF Research also started coverage with a “buy” rating and a target price of 83 sen.

“This valuation premium is justified by the company’s robust growth trajectory, aggressive expansion plans, and strong profitability,” MIDF noted.