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jkbk007
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11-Sep-2007 22:21
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Core earning increased 29% y-on-y Time Watch missed our top-line forecast due to the more-than-proportionate scaling down of lower margin trading of watch movement, which delights us, in our view. More management attention can be then spent on improving the retail sales and upcoming rental income from the shopping mall. Revenue increased by 19% to RMB 855.9m in FY07 y-on-y, thanks to 11 months contribution from the OEM manufacturing segment and robust retail sales performance. Point of Sales (POS) increased by 10% to 615 as at FY07 while per-store-sales increased by 20%. Gross margin swelled by 5.3 ppt on improved economies of scale and successful cost cutting measures. Reported net profit was RMB 73.4m, up from a net loss of RMB 48.3m in FY06. Net of goodwill written off in FY06 and revaluation gain on property in FY07, net profit will have grown 29% y-on-y. · Strong retail and rental dollars expected to flow-in in FY08 In our last report, we have imputed the estimated sales raked-in by the Zhenzhou Zijinshan Department Store and an operating margin of 5% in our forecast. According to the management, the operating margin is likely to increase to 6-7% in 2-3 years time. In addition, the management noted the first watch retail outlet in Singapore probably to be opened near Clarke Quay MRT station by the end of 2007 tentatively. This is used as a stepping stone in their move to penetrate into the South East Asian market. Maiden contribution from the sole distribution rights of POLICE sunglass, watches and other accessories is expected to be ~RMB 20m with 20% growth y-on-y subsequently. · Target price nudged to $0.525 on same valuation metric Revenue estimates are revised downwards by 25% due to the reduction of the watch movement trading. We view this in favorable light due to its much lower margin contribution. With the transition to higher margin business segments, we raised our gross margin by ~3ppt, though it may be slightly distorted when the entire shopping mall revenue is booked in FY08. We introduce FY09 figures, capturing the rental income, incremental retail sales and POLICE distribution rights revenue. A dividend payout of 0.6 Scents is declared, translating into 2.2% yield. We continue to value Time Watch at 15x FY08F PE, giving a revised TP of $0.525 on earnings raised (previously BUY on $0.51). Upside surprise will be better-than-expected earnings yield from the shopping mall. At 94% potential appreciation from this undervalued and under-researched counter, we reiterate BUY. Regards Johnny Teo Kim Soon Research Analyst Westcomb Securities Pte Ltd |
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jkbk007
Senior |
11-Sep-2007 08:29
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Time Watch has rebounded back very well and fast from its low 22cts back to 29cts. It is probably one of the best performing penny share during the crisis. Today we are likely to see it close at 29.5cts or even 30cts. I am beginning to suspect that there is BB doing stealth accumulation and then lay low again waiting for the opportunity to push the price up. |
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jkbk007
Senior |
10-Sep-2007 20:57
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BullRun
Elite |
10-Sep-2007 19:33
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Another good day for Time Watch investors.... |
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BullRun
Elite |
09-Sep-2007 19:12
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Analysts forecast ranges from 40c to 52.5c...that is a huge range. I think many still don't understand the company business well and hence tradings of Time Watch are still being done way undervalued! Any correction will be a good time to accumulate....THE BEST IS YET TO COME! |
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smartrader
Elite |
09-Sep-2007 15:35
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I always have confidence in this stock..  please continue to update development in this stock. Thks.
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BullRun
Elite |
08-Sep-2007 10:35
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This must be one of the Best location to own a piece of property in Henan!!! With the appreciating RMB and economy growth....Time Watch is set to benefit from this investment tremendously in the coming years!! |
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jkbk007
Senior |
07-Sep-2007 19:32
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 Zhengzhou, the square in front of the railway station
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BullRun
Elite |
07-Sep-2007 18:54
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Price continue to surge...but is still WAY UNDERVALUED!! |
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BullRun
Elite |
06-Sep-2007 19:14
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Leading PRC Watch Player Unveils its Flagship Departmental Store in Henan 6 September 2007- manufacturer and retailer of timepieces in the People?s Republic of China (PRC)
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BullRun
Elite |
05-Sep-2007 19:20
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5 Sept 2007 - Westcomb Recommendation BUY Bloomberg Code TWIN SP Share Price S$0.270 Target Price S$0.525
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BullRun
Elite |
01-Sep-2007 19:26
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25.5c or 27c are all still way undervalued!!! Sit back and relax..the BEST is yet to come! |
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strongbull
Member |
01-Sep-2007 12:44
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vested 100lots at 255. hope can buy more before run wild |
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smartrader
Elite |
01-Sep-2007 11:19
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holding 150lots at 27 cts..  maybe bought it at the same day as the Chairman..
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BullRun
Elite |
31-Aug-2007 19:14
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or the ?Group?) one of the leading manufacturers and retailers of local branded watches in the People?s Republic of announced today that the Group?s CEO & Chairman, Mr Michael Tung, bought 435 000 shares yesterday. Mr Tung paid approximately S$124,600 for the total purchase of shares in the Pan-China watch business. He paid an average of S$0.275 per share for the purchase. He adds on that, ?With the popularity and long-lived quality reputation of our ?Tian Wang?and ?Balco? watch brands, coupled with our extensive network, continual expansion plans and new revenue drivers, I?m confident that the company performance will remain strong for this year.? |
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BullRun
Elite |
30-Aug-2007 20:04
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Volume increase....price surged! |
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BullRun
Elite |
30-Aug-2007 12:15
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CIMB 29-8-2007 TIME WATCH - Executing nicely Core earnings in line OEM makes impressive maiden revenue contributions Reiterate Outperform
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BullRun
Elite |
30-Aug-2007 09:01
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The Best is Yet to Come!! |
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ten4one
Master |
30-Aug-2007 08:23
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Finally it is Time to Watch for this counter............already written-off (cold-storage since WeePoh's days) long................long time ago. Now I know why it is changed to TimeWatch :) Cheers! |
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cyjjerry85
Elite |
29-Aug-2007 22:21
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the technical charts certainly look great with indicators confirming an uptrend since Tuesday... |
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