Kingsmen Creatives

[portuser]

Do anyone have idea about staff turnover at Kingsmen.

[Musicwhiz]

Do anyone have idea about staff turnover at Kingsmen.

There was some discussion on this in earlier pages of this thread. You might want to check it out, thanks.

[dydx]

Today (2Mar12), Maybank Kim Eng has issued an update report on Kingsmen based on the latest FY11 (ended 31Dec11) full-year results, and re-affirmed their 'BUY' call and even raised their Target Price to $0.85 (from $0.83 previously).....
http://www.remisiers.org/cms_images/rese...020312.pdf

IMHO, if Kingsmen's 2 founders/largest shareholders decide to sell their combined majority controlling stake, very likely it would be transacted at a price higher than $0.85/share.

[RBM]

Thank you for sharing this Kim Eng Analayst Update dydx,

It seems to me that the Kim Eng Analyst did not take into account the benefit to Kingsmen of recently securing the S$ 18 Million Universal Studios business announced a week or so before the FY 2011 results - I did not see it listed on the second page of the report. If I am correct (on rare occasions this happens) then this would make the outlook picture look even more rosy.

Vested

Today (2Mar12), Maybank Kim Eng has issued an update report on Kingsmen based on the latest FY11 (ended 31Dec11) full-year results, and re-affirmed their 'BUY' call and even raised their Target Price to $0.85 (from $0.83 previously).....
http://www.remisiers.org/cms_images/rese...020312.pdf

IMHO, if Kingsmen's 2 founders/largest shareholders decide to sell their combined majority controlling stake, very likely it would be transacted at a price higher than $0.85/share.

[Musicwhiz]

It seems to me that the Kim Eng Analyst did not take into account the benefit to Kingsmen of recently securing the S$ 18 Million Universal Studios business announced a week or so before the FY 2011 results - I did not see it listed on the second page of the report. If I am correct (on rare occasions this happens) then this would make the outlook picture look even more rosy.

Hi RBM (and dydx),

My view is that this analyst report is not very well-written, and therefore we should not place too much emphasis on it. I've noted the following observations:-

1) Factual error in terms of reporting on dividend. She mentioned final and special dividend of 2.5c/share whereas for FY 2011, it was just a final dividend (FY 2010 saw a final of 2c/share and special of 0.5 cents/share).

2) FY 2012 projected dividend was stated as 4.1 cents/share. This is a very unusual number as Kingsmen has (historically) paid out dividends in multiples of 0.5 cents/share. She could simply have projected 4 cents or 4.5 cents.

3) Why use a high multiple of 9.4x earnings to value Kingsmen? Even Kingsmen's much larger competitor Pico FE is trading around 8+x PER, so Kingsmen should technically be given a "discount" to the market leader. She could value the different divisions differently as well, but 9.4x seems a tad over-optimistic for a one-year target.

My own personal ultra-conservative projection is a target price of 70 cents after 2 years (i.e. end-2014). This is assuming dividend per year remains at 4 cents/share for the next 2-3 years.

[FFNow]

Andrew, Kingsmen Group GM going to talk at Invest Fair 2012 on 7th April: http://sg.invest-fair.com/speakers.html#!/andrew-cheng

[brattzz]

OT, there's few free seminars at invest-fair,

notable speakers : CIMB - Song SW / DJ News - William M, and of cos Mr Andrew Cheng.. KS.

Quite a lot of FX traders too..

[Musicwhiz]

Interesting news - Goyard will be brought in by FJ Benjamin end-2013. Note that although there is no guarantee that Kingsmen will be tasked to fit-out their flagship store in Takashimaya, this news shows that there is an increasing trend for high-end brands coming to Singapore to set up shop as our millionaire numbers surge. This can only mean steadily increasing business for Kingsmen's Interiors division....

The Straits Times
Published on Mar 12, 2012
Luxury brand Goyard to open here

By Lennard Ong

LUGGAGE maker Goyard, one of France's most prestigious and sought-after luxury brands, will be packing its trunks and coming to Singapore soon.

Leading fashion retailer and distributor F J Benjamin will be the exclusive retailer for the firm, renowned for its trunks, exotic skins and wide variety of special order items such as a backgammon board or a cocktail set.

Goyard has bagged very high-profile clientele down the years, including the royal court of England, past presidents of the United States, a czar of Russia and an Indian maharajah.

Goyard will open as a standalone flagship store at Takashimaya Shopping Centre in Ngee Ann City sometime around the fourth quarter of next year.

The announcement comes on the heels of the successful launch of the brand's Hong Kong store at The Peninsula in February last year.

Chief executive of F J Benjamin Holdings Nash Benjamin said: 'Goyard is a special brand and one that evokes the romance of luxury, no ordinary task in today's saturated luxury marketplace.

'As the retail environment in Singapore continues to evolve, Goyard will continue to be a leader in the highest tier and bespoke luxury segment.'

Goyard customers in Singapore can look forward to a full collection of trunks, bags and accessories when the story opens here, which will include precious and exotic skin bags.

Customers can also expect to personalise their Goyard items or put in special orders for bespoke trunks designed to personal specification.

Prices for bags in general may start from about $1,400, including the St Louis tote bag. Well-heeled buyers can pay up to $100,000 or more for items including special orders or trunks.

[FFNow]

Chances are high Kingsmen will fit-out Goyard since FJ Ben and Kingsmen have good partnership.

[Musicwhiz]

More opportunities for Kingsmen's Interiors Division, as Tangs plans to revamp its store which will stretch into 2014. Many new luxury brands will be coming in, and hopefully Kingsmen can be chosen by some of them to do up their interiors.

Business Times - 21 Mar 2012

Tangs in $45m remodelling into Orchard Rd's Harrods

Plan will be funded through cash and debt, over three-year period

By NISHA RAMCHANDANI

(SINGAPORE) Tangs is investing $45 million to transform its flagship store on Orchard Road into a retail offering along the lines of London's iconic Harrods or New York's Bloomies.

Tangs will invest the sum, which will be funded through both cash and debt, over a three-year period.

Tangs CEO Foo Tiang Sooi said that Tangs is looking to create a hybrid between a department store and a mall to enhance its shopping experience, as 'strong competition from shopping malls and online shopping portals' intensifies.

In addition to renovation work across the various floors, Tangs will devote a floor to health and wellness, currently dubbed Tangs Loft, which will feature four anchor spa operators (one of which is to be Aveda) as well as four mini operators. This space, occupying 7,000 square feet, will come from Level 7, which is presently being used as office space.

Mr Foo also said Tangs may look at developing Levels 5 and 6, currently 'air space', down the line.

Renovations for the first phase, which will cover Level 1, will kick off next month and wrap up in November this year, in time for the holiday shopping season. The store, which celebrates its 80th anniversary this year, will remain open throughout the entire renovation works.

According to Tangs, all 29,000 sq ft of the first floor will be devoted to beauty brands and services, with brands creating their own 'flagship boutiques'.

New brands at Tangs Beauty will include Tom Ford Beauty in October, as well as Korean skincare line Sulwhasoo - which opens its first store in South-east Asia at Tangs - in Q3 as well as Maison Martin Margiela and Viktor & Rolf in Q4.

Phase 2 will cover reworking of the basement level as well as Level 4 in 2013, while Phase 3 will revamp Levels 2 and 3 in 2014.

Part of the basement, for instance, will be developed into a kitchen studio where chefs can carry out product demonstrations. Food and beverage outlets such as restaurants and cafes will also be launched on each level.

One thing that will remain, however, is Tangs' distinctive green-tiled roof, Mr Foo added.

CK Tang was taken private in 2009, after the Tang family launched an offer - for the third time - offering minority shareholders 83 cents per share for the remaining 13.39 per cent that they did not hold in the company.

Some minority shareholders were against the offer at the time saying the price was too low, and that it did not take into account the re-development potential of the flagship store.

The company emphasised then that there was no intention to discontinue the retail operations in the Orchard Road premises, to sell or to re-develop the retail business into something else, given that it was founded by the father of Tang Wee Sung and Tang Wee Kit.

The Tang brothers also maintained that Tangs was not a property developer and would stick to its retail roots.

Last year, the company offered the remaining shareholders - which held under 2 per cent of CK Tang - $1.30 apiece to cancel the remaining shares held by minority investors via a capital reduction, while the Tang brothers offered a further 70 cents per share as a goodwill gesture.