Courts Asia price target cut 23% to 40 cents by Maybank Kim Eng

Stock Name: Courts Asia
Company Name: COURTS ASIA LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.40

SINGAPORE (Nov 24): Maybank Kim Eng has cut its price target for Courts Asia from 52 cents to 40 cents, based on eight times projected FY2016-17 earnings, after lowering its earnings estimates for FY2015-17 by 36%, 28% and 6% respectively.

The retailer's core markets are expected to remain weak as consumers withhold spending, according to Maybank Kim Eng analyst Truong Thanh Hang, who has a "hold" rating on the stock.