FJ Benjamin: 1Q rev at $82.8m +23%yoy, +16.7%qoq. Net profit at $3.2m, +5.0%qoq, a 7-fold increase yoy due to a $1.8m forex gain and higher operating profit. Rev increase was on the back of higher sales in key mkts in SEA and North Asia. The IR and F1 event were drivers of higher sales as well as timepiece distribution in North Asia….
Excluding the $1.8m, net profit qoq would have fell mainly due to an increase in advertising and promotions expenses which is a positive for co’s future earnings. P/E trades at 21.2x close to avg of 22.0x.
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