Courts

Courts: HSBC believes the worst is over for Courts in the region, reiterates Overweight with TP $0.67. The house notes Singapore has a large wave of 28,000 HDB flats (2013: 13,600) targeted to be delivered this year, which is expected to generate demand for furniture, electronics and household appliances. However, growth may still be weak due to tough property-cooling measures in the private housing market. Meanwhile, in Malaysia, tailwinds such as improved economic prospects, good credit growth and new store expansion may help to spur revenue growth. Lastly, the company is also seeking market share in Philippines by way of partnering a local firm with retail operations and real estate.