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shplayer-------> so what happen next? No news on the process to what I know so far....
cookieguy,
The RTO is handled by Peter Lim and ppl from SJP (whats the name of the guy who used to run that chain of pubs?). FJB is a 30% shareholder of SJP....but it does not have management control.
Hope the mkt turmoil has not derailed/impeded the process.
Let see if the SFF (Singapore Fashion Festival) will have effects on FJ Ben. SFF touted to be the largest this yr in Singapore will spin around luxry brands such as Prada, Louis Vutton etc...well FJ Ben is in the retail luxury market too...:)
Hey cookieguy,
don't call me elite lah.......this title merely means I have been talking cock on SJ more and for a longer time than some of you.
As for FJB, my main concern is their expenses increase is running faster than their revenue increase. They are not reaping the benefits of economies of scale with their expansion.
Price has dropped about 45% from its highs (based on ex cap red).....so, its looking pretty attractive......but I prefer to wait for their next Q results to see if Co. has been able to address this problem.
As for the retail business, I think they have good brands. The govt emphasis on tourism (IR, F1, conventions) will benefit FJB........if they can control their expenses, it will also benefit shareholders.
icic shplayer....thks :)
lets see whats going to happen to FJ Ben....
any thoughts?
JK Tech already listed under Catalist.
Think next step is to hold AGM/EGM to get shareholders approval for the RTO.
sorry...the RTO has already happen? JK Technology -your one stop IT solutions centre as in the counter in SGX?
anyone knows?
Lets see if the RTO will have substantial effects.....any thoughts???
Hi Easton Bay, check this out:
CLARIFICATION ON BUSINESS TIMES REPORT PUBLISHED ON 15
FEBRUARY 2008
18 February 2008
We refer to The Business Times report headlined "Volatile market may see
FJB close 5 shops" published on February 15, 2008, and wish to clarify that it
was misleading in several respects.
First, during his meeting with journalists and investment analysts, Mr. Nash
Benjamin, Group CEO of F J Benjamin, did not link the closure of the shops to
the volatile conditions currently experienced in the global financial markets.
The closures mentioned are planned as part of the Group's constant review of
its retail network, when leases come up for renewal at the end of a tenancy
period, to ensure that its stores command prime locations, and are efficient
and profitable. Such a review is carried out constantly irrespective of market
conditions and is consistent with the modus operandi of retail organisations.
Second, the report omitted to mention that Mr. Benjamin has said that the
Group is planning to open ten more stores in the second half of its financial
year ending June 30, 2008. This omission, coupled with the emphasis on the
closure, gives the misleading impression that the Group is shrinking rather
than growing its retail footprint in the region.
Third, the report gave the impression that the closure of the 5 shops will take
place in Singapore. Mr. Benjamin had, in fact, said this number was for 5
countries in the region and not just in Singapore.
F J Benjamin embarked on one of its fastest expansions last quarter, opening
22 stores in the region. While it expects consumer spending to be dampened
by the US subprime loan crisis, it is nevertheless positioning itself for longterm
growth as it is confident of the strong fundamentals of Asian economies.
DMG might have already completed the report over the wkend based on half true info... So the down grade....
With RTO coming.. this might be a chance to accumulate. High risk high gain. Just my own view. judge yourself.
DJ MARKET TALK: DMG Cuts FJ Benjamin To Hold; S$0.61 Target
2356 GMT [Dow Jones] STOCK CALL: DMG & Partners downgrades FJ Benjamin (F10.SG) to Hold from Buy; cuts target price to S$0.61 (previous target price not available). Says in note outlook is challenging; "the volatility in the global financial markets has persisted and is likely to lead to a dampening of consumer sentiment." Adds, there are already signs this hitting company as had to launch its end-of-season sale earlier than usual in 2Q08. Cuts FY08-09 earnings forecasts by 22%. Shares closed down 0.8% at S$0.595 yesterday. (KIG)
revenant,
You may want to refer to my posts of 17 Sep 07 in this thread.
FJ Benjamin CEO Nash Benjamin said that retailing was in a "softening
period" and the company would see less expansion activity this year,
and possibly even close around 5 shops out of its 38 shops here when
leases expire. It reported a 37% YoY rise in 2Q sales to S$94.8m, but
22% YoY fall in net profit to S$8.35m due to a S$3.6m exceptional gain
a year ago. (OCBC Investment Research)
Nice, profit up 18%, dividends of 0.9 cents.
Much more expansion room in Asia particularly Hong Kong and China which they has not really venture much into.
Vested :)
With the recent few days accumulation, expect some positive results today.
Vested another few lots :)