08-10-2013, 11:35 AM
From UOBKH Research Report (8th Oct 13)
Not vested
Quote:Courts Asia (BUY/Target: S$1.14) – Retailer on discount. Courts’ expansion is on track with the group completing its nationwide retail coverage in Malaysia after securing four new sites ytd in FY14 (two bigbox, two small-format stores). It targets an additional four small-format stores for the rest of FY14 to maximise supply chain efficiency. In Indonesia, Courts’ strategic partnership with Sinar Mas Land will drive its immediate presence in the new market. Already confirmed are two bigbox stores in Jakarta to open within six months of each other. The first store will have its groundbreaking ceremony in Sep 13 and will operate next year. Maintain BUY and target price of S$1.14, based on peers’ average PE of 13.5x on our FY14F EPS of 8.5 S cents.
Not vested