Singapore Stock Market News
Courts Asia - Trouble in Malaysia
StockFanatic
Publish date: Wed, 13 Nov 2013, 07:53 PM
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Deteriorating consumer sentiment in Malaysia and a shift in product
mix in Singapore have depressed Courts' profitability. We are more
worried about the slowdown in Malaysia as its woes in Singapore look
transitory.
2Q14 EPS came in below, meeting
15% of our full-year estimate and
17% of consensus - while 1H14 EPS
formed just 30% of our forecast. We
slash our EPS estimates by 27-29%
to reflect lower sales in Malaysia and
lower profits in Singapore. We also
raise our discount rate from 8% to
9%, leading to a huge decline in our
residual income-based target price.
We downgrade Courts to Neutral
from Outperform.
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