Wednesday, July 17, 2013
Courts
Courts: UOBK features Courts in its mid cap highlight. Notes the company remains an attractive proxy for consumerism in Singapore and Msia, given its standing as Singapore’s largest and Msia’s second largest electrical, IT and furniture retailer.
Courts entry into Indonesia in 2014 is on track, as it is in advanced discussions with the developer of its first store in Indonesia, which will be Courts’ biggest store ever with a total retail area of almost 140k sf. UOBK sees the recent correction as an opportunity to accumulate. Maintains Buy with TP $1.20, which translates to a peer average P/E of 13.5x FY14e P/E
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