The Hour Glass

All the data are extracted from the results (please counter-check in case of error),

 

FY08

FY09

FY10

FY11

Q112

Q212

Q312

Revenue

489,768

441,908

488,298

521834

138,051

143,851

170,561

Operating Profit

39,478

35,533

–

–

–

–

–

PBT

39,478

21,444

41,685

54,283

11,439

13,652

22,870

Net Profit

31,481

13,436

33,478

43,181

9,112

10,943

18,421

NPM

6.43%

3.04%

6.86%

8.27%

6.60%

7.61%

10.80%

Cash

28,773

42,117

50,452

50,708

52,691

50,348

64,731

Loan – CL

14,879

15,511

14,186

14,292

14,435

30,423

32,797

NAV (ct)

73.06

78.86

92.56

106.51

109.47

110.00

118.00

EPS (ct)

13.46

5.52

14.08

18.1

3.68

4.55

7.69

DPS (ct)

2 *

2.5

3.5

5.0

–

–

–

Notes :

  • All figures in S$,000 unless otherwise stated
  • * Special Div = 8ct (Interim)
  • FY is End-Mar

  

February 20, 2012 The Hour Glass One Comment »

One Comment to The Hour Glass

  1. KK says:
    20th February 2012 at 12:19 am

    Observations

    • Improvements in Profitability for FY12 is due to their opening 3 new shops at Knightsbridge, Raffles Place and Marina Bay Sands in 1H12 Quarter (Sep-11)
    • We also see the corresponding increase in Debts, Cash, A/P, A/R,… in the Balance Sheet
    • Seasonally, Highest Revenue in Q3 (Dec) and Highest Net Profit in Q4 (Mar)
      • Higher Revenue Likely Due to Year End followed by CNY Spendings (by Consumers)
      • For Net Profit, Q4 (Mar) > Q3 (Dec) Likely Due to Year End Bonuses Being Paid for Q3(Dec) ie. Higher Admin Expenses

    Financials

    • Using FY11 EPS = 18.1ct,
      • PE = 6.93 & Yield = 3.984% @ $1.255
    • For 1st 3Qs, EPS = 15.92ct
      • FY12 looks set to end on a high note
    • My Projection,
      • EPS = 23.61ct to 25.61ct ; DPS = 5.75ct – 6.25ct

    Negatives

    • Low NPM 6%-8%
      • Dropped to 3% in FY09. As they are selling Luxury Watches, it looks like a Recession will Erode their EPS Greatly
      • BUT, Very Likely to Improve on 8% of FY11
    • Share Price had also Gone Up recently with the Good Results
      • MAY still be attractive to me if they can maintain Minimum 8%

     

    Go read the thread in ValueBuddies for more info.

     

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