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

  

One Comment to The Hour Glass

  1. KK says:

    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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