Courts

Courts: HSBC, the sole underwriter for its IPO, came out with a BUY report on 30 Apr, with a TP of $1.44. Counter currently at $1.015, has broken through the psychological $1.00 mark today on good volumes, with not much sellers after the $1.02 level. It's all-time high of $1.035 on 15 Mar was a result of increasing broker coverage, aiding in the stock's increased visibility among global funds. HSBC notes in its report: 1) Courts to open its first “Big-Box” Megastore in Malaysia; 2) New store expected to contribute an incremental $12m (1.3%) to its revenue forecast in FY14e; 3) Earnings estimates increased by 9% for FY14e and FY15e; HSBC vs consensus: - FY14e and FY15e revenue estimates are 1.7% and 1.3% above consensus; - Earnings estimates are 10.4% and 9.4% higher than consensus; - TP exceeds consensus by 7.8%;