3 reasons why Courts Asia is unfazed by weaker earnings outlook

New promos to target Singapore foreign workers.

According to Maybank Kim Eng, Singapore has been impacted by higher household debt exceeding 75% of GDP. In Malaysia, the government’s pullback on fuel subsidies has affected Courts Asia’s core customer base.

With this backdrop, Courts management during the NDR pointed to some positive forward catalysts.

Here's more from Maybank:

One, Courts intends to loosen its credit policy gradually in Malaysia in upcoming quarters, having admitted an overly cautious approach.

It will roll out new promotions to target the same customers that AEON has targeted with competitive rates. This will cause a slight drop in spread but will benefit its top-line sales.

At this time, allowance for impairment loss is at a 25-year low of 5.1% so it can afford to be more adventurous. Two, it will also roll out new credit promotions in Singapore to capture more foreign worker and employment pass holders.

Lastly, Courts’ first store in Indonesia has started piling works and is expected to be completed by FY03/15. Berkasi is a commuter city for Jakarta and is Indonesia’s most populated suburb with 2.6m inhabitants.

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