3 factors Courts Asia blamed for poor earnings results

Weak consumer sentiment is one.

According to Maybank Kim Eng, Courts Asia's 1HFY03/14 results made up 34% and 30% of its and consensus estimates, respectively.

Courts attributed the weak results to: 1) action to tighten its internal credit policies post more stringent regulatory changes in Singapore and Malaysia; 2) weaker consumer sentiment; and 3) a change in product mix with more lower-margin products such as electronics being sold.

Here's more from Maybank:

Earnings turnaround delayed. The imposition of tighter regulatory policy on individuals and the fuel subsidy cuts should continue to hamper discretionary spending in Malaysia. The impending implementation of sales and services tax in Malaysia (from 2015) is also expected to dampen sales in Malaysia.

This augurs ill for Courts. Positive catalysts: 1) a revival in consumer sentiment in both Singapore and Malaysia; and 2) relaxation in internal credit policies by Courts.

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