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Kingsmen Creatives - Bumpy Rollercoaster Ride
StockFanatic
Publish date: Mon, 17 Aug 2015, 05:12 PM
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We downgrade Kingsmen to SELL with TP SGD0.78 (Previous: BUY, TP SGD1.06) on the back of a disappointing set of results. 2Q15 revenue remained flattish YoY at SGD82.9m while PATMI fell 42% to SGD3.1m. Although we continue to be upbeat on the Exhibition & Museum (E&M) division with strong line-up of contracts secured for the year, we think the Retail Interiors segment will be heavily weighed down by the slowdown in expansion of high-end retailers in the region. As at 31 July 2015, Kingsmen secured an orderbook of SGD262m, which is SGD59m less than last year's.
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