Courts Asia - Outlook muted as expected | I3investor

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Courts Asia - Outlook muted as expected

StockFanatic

Publish date: Sat, 14 Feb 2015, 03:23 PM

While the retail climate remains poor in Singapore and Malaysia, Courts Asia's core margins are improving. 3QFY3/15 (9MFY15) earnings were in line, forming 24% (65% of full-year) of our expectations and 21% (56%) of consensus. 3QFY15 was impacted by a S$1.3m forex loss due to the weakening RM and expected losses from the opening of Bekasi Megastore in Indonesia. Near-term outlook remains bleak, with start-up losses from Indonesia dragging down earnings.

We maintain our Reduce rating, with a target price of S$0.36, based on 10.6x CY16 P/E (historical mean).

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