Recommendation: ACCUMULATE
Previous Close: S$ 2.86
Fair Value: S$ 3.15
- Achieved 21 consecutive quarters of profit growth
- 1Q14 Revenue reported at S$173mn (+15% y-y) and net profit at $29mn (+15 % y-y) driven by stronger growth from the South Asia region
- Propose interim dividend at 1 cent per share
- Announce call option notice date to be 8 May 2014 for the convertible bonds
- Expect stronger sales in coming quarters with the launch of new flagship product uDiva and TWG store expansion
- Maintain at Accumulate with raised TP to $3.15
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