UOB KayHian in an Apr 13 research report says: "FJ Benjamin (FJB) will be looking to add a highly scalable, mass-market fashion label to its brand portfolio this year, targeted at the Indonesian casual wear market. FJB will continue growing the Asian franchise business organically by increasing its store network by 10-15% annually, focusing on high growth markets in Indonesia and Malaysia.
"We increased our FY13F revenue and net profit forecast by 0.3% and 1.6% respectively, accounting for higher-than-expected same-store-sales growth and margin expansion from better supply chain management.
"Target price of 45 cents (previously 43 cents), implying 32.4% upside from current price. Target price is based on a PEG of 0.6x, in-line with FJB’s Hong Kong and Indonesian retailing peers. Using our projected two-year EPS CAGR (FY11-13F) of 22.0%, we apply a 13.2x PE multiple to our forecasted FY13F EPS of 3.4 cents. MAINTAIN BUY."
"We increased our FY13F revenue and net profit forecast by 0.3% and 1.6% respectively, accounting for higher-than-expected same-store-sales growth and margin expansion from better supply chain management.
"Target price of 45 cents (previously 43 cents), implying 32.4% upside from current price. Target price is based on a PEG of 0.6x, in-line with FJB’s Hong Kong and Indonesian retailing peers. Using our projected two-year EPS CAGR (FY11-13F) of 22.0%, we apply a 13.2x PE multiple to our forecasted FY13F EPS of 3.4 cents. MAINTAIN BUY."
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