SINGAPORE (June 30): DBS Vickers Securities is maintaining its “buy” call on Courts Asia with a slightly lower price target of 50 cents from 51 cents previously.
The electrical, IT and furniture retailer on Wednesday announced full-year earnings of $23.7 million for the FY16/17 ended March, up more than three times from its restated FY15/16 net profit of $6.8 million.
Revenue, however, declined 1.5% on-year due to softer Singapore and Malaysia sales – although operating profit improved 42% on the back of improved profitability due to a better credit-to-cash mix and efforts to reduce lower-yielding promotions and marketing expenses.
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