Singapore Stock Market News
FJ Benjamin - Softening Consumer Sentiment
StockFanatic
Publish date: Tue, 27 Aug 2013, 12:25 PM
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FY13 results below expectations, no recovery yet. FJ Benjamin(FJB) reported its full-year FY6/13 sales with a decline of 5% YoY to
SGD373.4m and net profit of SGD4.4m (-68% YoY), due to a drag on
sales in North Asia, particularly in the Watches segment, as well as
softening consumer sentiment in Singapore.
Excluding a one off gain
on sale of investment properties, results were still below our bearish
estimates. On a more positive note, FJB has declared a 0.5cts final
dividend, implying a dividend payout of 64%. We maintain our SELL
call, in light of poor consumer sentiment in particular countries to
continue to hamper on FJB's earnings over the next year.
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