Wall Street KLCI
The Store 9M13 EPS increased 29% YoY
Wall Street KLCI
Publish date: Tue, 27 Aug 2013, 09:10 AM
Wall Street KLCI
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THIS BLOG IS RELATED TO OBSERVATIONS REGARDING STOCKS TRADED IN MALAYSIA. DISCLAIMER: THE COMPANY ANALYSIS THAT APPEAR IN THIS BLOG IS MERELY FACTS GATHERED FROM DIFFERENT SOURCES AND THE AUTHOR'S PERSONAL VIEW. IT IS NOT A BUY OR SELL RECOMMENDATION. THE AUTHOR DO NOT GUARANTEE THE ACCURACY OF THE FACTS BEING PRESENTED. PLEASE CONSULT YOUR INVESTMENT ADVISORS BEFORE ACTING ON ANY INFORMATION PROVIDED BY THE ANALYSIS ABOVE.
1. Background. The Store Corporation Berhad (Code: TSTORE or 5711) is a leading operator of supermarkets, departmental stores and hypermarkets in the country. The Group has been listed on Bursa Malaysia since 1994. Overall, the Company focus on retail operations with presence throughout every state in Malaysia.
2. 9M13 EPS increased 29% YoY to 23.30 sen. According to its announcement to Bursa, the increase was mainly due to the improvement in revenue, saving in operating cost which derived from the consolidation of certain underperforming outlet with the outlet in the vicinity as well as increase in the other income.
3. 4Q13 should be weak. Last year in 4Q12 TSTORE registered 2.7 sen EPS. Conservatively can assume it manage to get the same 2.7 sen EPS in 4Q13 will make up FY13 forecast EPS of 26.0 sen.
4. Target Price of RM2.47. Assuming 9.5x PE on its FY13 EPS of 26.0 sen. From its current market price of RM2.20, upside is about 12%.
2. 9M13 EPS increased 29% YoY to 23.30 sen. According to its announcement to Bursa, the increase was mainly due to the improvement in revenue, saving in operating cost which derived from the consolidation of certain underperforming outlet with the outlet in the vicinity as well as increase in the other income.
3. 4Q13 should be weak. Last year in 4Q12 TSTORE registered 2.7 sen EPS. Conservatively can assume it manage to get the same 2.7 sen EPS in 4Q13 will make up FY13 forecast EPS of 26.0 sen.
4. Target Price of RM2.47. Assuming 9.5x PE on its FY13 EPS of 26.0 sen. From its current market price of RM2.20, upside is about 12%.
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