Courts Asia

Courts Asia: UOB Kay Hian initiate coverage on Courts Asia with a BUY recommendation and $1.19 TP, implying a 48.8% upside from the current price. CAL’s impressive turnaround story and market leadership in Singapore and Malaysia makes it an attractive proxy for the growing Asia consumer market. House view a potential for significant upside ahead as CAL continues to carry out its transformation plan with a focus on improving the profitability and productivity of existing stores and further gaining market share and scale with new store openings. House forecast a 3-year (FY12-15F) revenue and EPS CAGR of 17.7% and 19.2% respectively.