Courts Singapore beats Malaysian arm in sales psf game

Singapore is ~55-65% of group earnings.

According to CIMB, Singapore contributes three-quarters of the Courts Asia’s revenues. CIMB estimates that Singapore’s 13 stores (399,203 sf) make Singapore the biggest contributor to earnings, despite the lack of higher-margin credit sales. 

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Management does not disclose country profit breakdown but we estimate that Singapore is still ahead as it has higher sales per sf in Singapore, and a more efficient cost structure.

The operating cost per store in the two countries (Singapore and Malaysia) is largely similar in nominal terms but Singapore is more profitable because, at a similar cost base, Courts is able to get more sales dollar psf in Singapore.

This is largely due to the greater affluence and the high penetration of modern trade in the city state. And to a smaller extent, the logistical infrastructure is more efficient, which allows for lower variable costs.

We estimate that Singapore contributes 55-65% of Group profits as there are relatively little (10%) credit sales in Singapore. However, it also does imply that Singapore’s earnings are higher-quality earnings.