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14-10-2010, 06:47 PM
The just released FY10 (ended 30Jun10) AR makes interesting reading.....
http://info.sgx.com/listprosp.nsf/6c6be9...c00296961/$FILE/SAR1008011_Epicentre%20AR%20(low).pdf
With a trading track record of over 8 years and a total of 9 stores now - 6 in Singapore, and 3 in Malaysia - I suppose we can say Epicentre's business is already quite well-established. Their plan to expand into PRC retailing Apple products there, as indicated in Jimmy Fong's Chairman Statement, is obviously something to take note of.
FY10's EPS came to a very decent $0.036, based on the only 93.502m issued shares. Equity has increased to $17.76m as at year-end 30Jun10, giving a decent NAV/share of $0.19. A look at Epicentre's strong B/S and large cash reserve will confirm that the business has been operating on a self-financing basis - i.e. with normal trade credit from suppliers fully funding the critical (and well-managed!) inventory holding necessary to support this fast-moving retail business. Of course, the super popularity of Apple products makes all these possible.
A Final dividend of $0.02/share has been declared, and I am looking forward to see it in my bank account on 23Nov10.
From the lastest "Top 20 Shareholders" listing (p82 of AR), I noted local billionaire Peter Lim (Eng Hock) having a 5.31% interest in Epicentre, being held by Rowsley Ltd which he supposedly controls. So even Peter Lim likes Apple products and Epicentre - similar to Loo Leong Thye of Challenger Technologies (now also selling some Apple products as an appointed Apple reseller), which holds a 1.6% interest in Epicentre.
Indeed, we are seeing Apple products everywhere!
http://info.sgx.com/listprosp.nsf/6c6be9...c00296961/$FILE/SAR1008011_Epicentre%20AR%20(low).pdf
With a trading track record of over 8 years and a total of 9 stores now - 6 in Singapore, and 3 in Malaysia - I suppose we can say Epicentre's business is already quite well-established. Their plan to expand into PRC retailing Apple products there, as indicated in Jimmy Fong's Chairman Statement, is obviously something to take note of.
FY10's EPS came to a very decent $0.036, based on the only 93.502m issued shares. Equity has increased to $17.76m as at year-end 30Jun10, giving a decent NAV/share of $0.19. A look at Epicentre's strong B/S and large cash reserve will confirm that the business has been operating on a self-financing basis - i.e. with normal trade credit from suppliers fully funding the critical (and well-managed!) inventory holding necessary to support this fast-moving retail business. Of course, the super popularity of Apple products makes all these possible.
A Final dividend of $0.02/share has been declared, and I am looking forward to see it in my bank account on 23Nov10.
From the lastest "Top 20 Shareholders" listing (p82 of AR), I noted local billionaire Peter Lim (Eng Hock) having a 5.31% interest in Epicentre, being held by Rowsley Ltd which he supposedly controls. So even Peter Lim likes Apple products and Epicentre - similar to Loo Leong Thye of Challenger Technologies (now also selling some Apple products as an appointed Apple reseller), which holds a 1.6% interest in Epicentre.
Indeed, we are seeing Apple products everywhere!