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Fj Benjamin

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Fj Benjamin
FJ Benjamin Holdings Ltd# (SGX: FJB) 18 July 2012
Receding tides at the fashion and timepieces retailer
UNDERWEIGHT Target Price: S$ 0.09 Price (as at 18 July 2012) | Bloomberg | 12-month Range | Market Capitalization | S$ 0.33 | SGD 0.3300 | SGD 0.26 – 0.365 | SGD 203 Million |
3 Points that convince us of a Sell rating: * Something 1
Explanation

* Something 2
Explanation

* Something 3
Explanation
Year End: Jul | 3QFY11Results | 3QFY12Results | YoY %
Growth | YTD % as of FY2012 | Revenue (S$’000) | | | | | Retail | | | | | Distribution | | | | | Licensing | | | | | Gross Profit | | | | | Gross Margin | | | | | EBIT (S$’000) | | | | | EBIT Margin | | | | | Net Profit | | | | | Net Margin | | | | | EPS | | | | | DPS | | | | | NAV/Share | | | | |

Headquartered in Singapore, SGX-listed F J Benjamin Holdings Ltd. (FJB) builds in-house and develops international lifestyle and luxury brands across Asia and recently in the Western markets too. With a portfolio of over 20 celebrated brands, the group divides itself into four core businesses:
1. Luxury and Lifestyle Fashion Retailing and Distribution;
2. Timepiece Distribution;
3. Design and Manufacturing of their in-house brand RAOUL
4. Investing in Lifestyle Concepts

Section I: Industry Analysis
SWOT Analysis
Strengths
Wide retail network
FJB operates 191 stores across Singapore, Malaysia, Hong Kong and Indonesia in prime locations to cater to its premium customers and tourists and help maintain the competitiveness of the Group.
Wide diversified luxury and lifestyle brand portfolio
The brand portfolio comprises over 20 iconic luxury and lifestyle brands. A diversified portfolio of scalable brands helps the Group mitigate the vulnerability of luxury brands in an economic downturn.
Multilingual retail staff improves customer service * FJB believes in investing heavily in retail
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