Singapore Stock Market News
Courts Asia - NDR Feedback
StockFanatic
Publish date: Mon, 30 Sep 2013, 11:29 PM
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Negatives factored in. We hosted a NDR with Courts to confirm our views
on the retail scene in Singapore and Malaysia. We believe the share price
has already priced in overall weakness in demand in the past quarter.
We
have cut our FY14F earnings by a further 8% to account for the unexpected
closure of JEM in Sep, which was beyond Courts' control. Barring a longer-than-
expected closing of the JEM store, the trough should be seen in
2QFY14 (3QCY13).
Going forward, things should improve on
(1) a
loosening in credit policy to improve sales, particularly in Malaysia,
(2) a
short term boost in sales from iPhone 5S and
(3) the maiden store opening
by FY3/15 in Bekasi, Indonesia to boost sales.
Maintain BUY at SGD1.06
(reduced from SGD1.15 on the lower FY14F forecast) pegged to 14x
earnings.
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