Courts Asia

Courts Asia: Philip adds to the recent chorus of initiations on the counter, starts at Buy with TP $1.14, implying 15.6x P/E, 2.1x P/B. Sees growth in Courts underpinned by strong market demand from Singapore and Malaysia, inline with the increase in population and spending power. Adds, new store openings should bolster revenue growth; while Court’s in-house credit facilities expand the addressable consumer segment and provides resilient, and recurring earnings.