Stock Name: FJBen
Company Name: F J BENJAMIN HOLDINGS LTD
DBS Vickers Securities in a Dec 9 research report says: "1Q12 results met our expectations, supported by contributions from HK timepieces. We will be keeping tabs on FJB's performance over the seasonally stronger 2Q12 (Christmas shopping and year-end holiday season) as well as retail sales generally, as an indicator to 2H12's performance.
"We believe consumer sentiment will weaken on expectations of slower economic growth, and we expect discretionary spending to be affected. Management is targeting for 190 stores by FY12F vs 165 currently.
"Given the poorer regional economic outlook, we are reducing our earnings expectations for FY2012F/FY2013F by 11%/12%. The stock currently trades at 11x FY2012F PE. Given the lowered earnings estimates, target price lowered from 48 cents to 33 cents based on 12x FY2012F earnings, in line with peer average. DOWNGRADE TO HOLD."
Company Name: F J BENJAMIN HOLDINGS LTD
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 0.33 |
DBS Vickers Securities in a Dec 9 research report says: "1Q12 results met our expectations, supported by contributions from HK timepieces. We will be keeping tabs on FJB's performance over the seasonally stronger 2Q12 (Christmas shopping and year-end holiday season) as well as retail sales generally, as an indicator to 2H12's performance.
"We believe consumer sentiment will weaken on expectations of slower economic growth, and we expect discretionary spending to be affected. Management is targeting for 190 stores by FY12F vs 165 currently.
"Given the poorer regional economic outlook, we are reducing our earnings expectations for FY2012F/FY2013F by 11%/12%. The stock currently trades at 11x FY2012F PE. Given the lowered earnings estimates, target price lowered from 48 cents to 33 cents based on 12x FY2012F earnings, in line with peer average. DOWNGRADE TO HOLD."
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