Singapore Stock Market News

Courts Asia - Malaysia contributes more

StockFanatic
Publish date: Tue, 13 Aug 2013, 12:07 PM
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Increased EBIT contribution from Malaysia compensated for muted sales growth because of one-off factors. Management continues to execute well on securing new sites with a second big box store in Malaysia announced.

1Q14 earnings is in line at 15% of our and consensus estimates. 1Q is seasonally its weakest quarter. We raise FY15/16 EPS estimates by 3% to account for new stores in Malaysia. Our residual income target price rises accordingly. We maintain Outperform, with catalysts to come from store openings and faster-than-expected SSSG.
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