Hey buddies, just found 2 more competitors for Kingsmen. Both listed on SGX.
Design Studio, also work on USS, made net profit of $19m last year.
http://www.designstudio.com.sg/interior.htm
Nobel design holdings, made $8m last year
http://www.nobel.com.sg
During 2007 and 2008, there's a big increase in amount of ordinary shares. Please see attached. Anyone has idea?
How's Kingsmen share option scheme like? do they issue share options to directors yearly?
Remembered design studios is more towards building furnitures and stuff than providing package solutions like kmc, that's why I didn't compare kmc with them.
Kmc share option is a way to motivate employees, it's strictly performance based (i.e whether they hit their profit targets) when it comes to awarding. And the shares comes from their treasury shares from previous share buybacks.
(09-05-2011, 06:54 PM)dydx Wrote: [ -> ]Just one quarter of lower revenue and profit, and this 'smart' analyst decided to mark down his own Fair Value estimate by 20% - from $0.72, to $0.575! And this is happening despite Kingsmen reporting a higher latest order backlog of $154.0m. I guess his boss should review his work and give him extra coaching!
I have this thing about analysts, and I shall say it here.
The main purpose of analysts is to encourage churn of shares for the brokerage they work for, and it is not to offer a detailed and comprehensive assessment of the Company for the benefit of shareholders. The problem is that the analyst and brokerage themselves are usually also not shareholders of the Company, hence they will fail to consider a longer-term view of the Company beyond quarterly results!
The analyst from OCBC is just doing his job - to encourage short-termism by using quarterly results to recommend a BUY or SELL, or HOLD accordingly. As shareholders with a longer-term view to prosperity from owning shares of a solid company, we should not let their short-term views and opinions sway our thinking or allow us to panic or rejoice.
Instead, we should simply focus on the objective aspects of their analysis, and completely ignore their target prices.
Just my 2-cents on this.
(10-05-2011, 01:45 PM)Thriftville Wrote: [ -> ]Hey buddies, just found 2 more competitors for Kingsmen. Both listed on SGX.
Design Studio, also work on USS, made net profit of $19m last year.
http://www.designstudio.com.sg/interior.htm
Nobel design holdings, made $8m last year
http://www.nobel.com.sg
During 2007 and 2008, there's a big increase in amount of ordinary shares. Please see attached. Anyone has idea?
How's Kingsmen share option scheme like? do they issue share options to directors yearly?
The reason for the increase in shares from 2007 to 2008 is due to a 3 for 2 stock split on May 2008. A stock split is not dilutive to shareholders and shouldn't be a cause for concern.
(05-05-2011, 10:19 AM)Musicwhiz Wrote: [ -> ]Hi and thanks for the research!
It looks like they have also done a lot of F&B outlets, which Kingsmen only does "selectively". Perhaps that is Grand Work's market segment? Noted that they also had about 10-12 projects for luxury segment, but unsure if they do roll-out management projects as well.
Also, quite curious as to why they only show projects up till 2009. How about 2010 and 2011 projects? 
Hey MW,
Looks like Grand Works has a good mixture of office, retail & dining. And the customers are quite premium, like SIA, Miu miu, Prada, D&G etc.
This company also has offices to help these luxury brands to roll out shops in Middle east and Asia (Mulberry, Bvlgari, Kinokuniya).
Does roll-out management means helping clients to setup shops in multiple countries?
I suppose they are still quite a number of competitors in the luxury segment, because we haven't identify the contractor for Rolex, LV, Hermes, Longcharm, De beers, etc. They could probably be oversea competitors.
The projects aren't updated because the website has not been maintained since 2009. Scroll to the bottom of their website, and you'll see "© 2009 Grandwork Pte Ltd. All rights reserved."
http://www.grandwork.com.sg/projects_overseas.htm
Please refer to link above. The designs for Bvlgari shops is by an architect firm called "Studio Sclavi". Does it mean that Grandwork is only responsible for the construction?
Any idea if Kingsmen need to engage another design company, to help with the design of the shops?
Yes roll-out means simultaneously opening shops in various countries. I am sure Kingsmen is not the only player who can do this, but they are one of the more major ones as they have a much broader client base compared to Grand Work.
As for design of interiors, there are many parties involved. Architects and designers will work on the design and creative aspects, contractors will fabricate and sub-contractors will provide/supply the materials which they source from vendors. So it's a whole supply chain we are talking about.
Note: Kingsmen has their own in-house team of designers for Interiors Division.
Still find it rather weird that their website was updated till 2009. Is the company stil around?
One of Kingsmen's clients.
May 18, 2011
Uniqlo seeks space for more S'pore outlets
By Yasmine Yahya
JAPANESE clothing chain Uniqlo opened its first store in Singapore a little over two years ago, hoping that after three years it would have done well enough to explore opening up outlets in the rest of South-east Asia.
The company got more than it bargained for.
The Tampines 1 outlet broke even within five months, and the stores it opened in Singapore since then have performed better than expected, said its Singapore managing director, Mr Satoshi Onoguchi.
He declined to reveal numbers but said the Singapore business has been registering double-digit growth figures each year over the past two years.
'Our initial plan was that after three years in Singapore, we would venture out into the rest of the Asean region, but because Singapore is doing so well, we already have two stores in Malaysia,' he said.
'We also plan to go to Thailand later this year and to open stores in the Philippines, Indonesia and Vietnam within a year.'
Its plan for Singapore remains the same, which is to open eight stores within three years of its debut.
Two years in, Uniqlo has five stores in Singapore. It opened an outlet at VivoCity late last month and another at Causeway Point last week. The firm is now seeking more retail space where it can open another three outlets, Mr Onoguchi said.
'In our initial plan, we wanted stores in Jurong and we think we could have more stores in the Central Business District. We are still looking for space, because availability is limited.'
Back home in Japan, Uniqlo has been minimally affected by the March 11 disasters and the ensuing nuclear crisis.
Seven of its 860 stores there remain closed, but Mr Onoguchi said the domestic business has still grown, compared with last year.
Sales in eastern Japan, which is closer to where the earthquake and tsunami hit, have also been growing more rapidly than in other areas, he said.
The company is also continuing undaunted on its global growth plan: Later this year, it will open its biggest store ever in New York's Fifth Avenue, a famous shopping street that houses upscale boutiques such as Prada, Gucci and Versace.
The fittings in Uniqlo shops look very plain and simple. Wonder if Kingsmen can make good margin on it?
(18-05-2011, 08:41 AM)Thriftville Wrote: [ -> ]The fittings in Uniqlo shops look very plain and simple. Wonder if Kingsmen can make good margin on it?
Why don't you call up Kingsmen's IR and ask the General Manager Andrew about it? From my understanding, Interiors Division has always managed about 20+% gross margin and I believe Uniqlo should not be an exception.
