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Challenger: CONTINUED GROWTH DESPITE ECONOMIC UNCERTAINTY (13 Aug 09)

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  • Revenue: +17% (1H09)
Net Profit: +72% (1H09)
  • Press Release: Revenue increased 17% with new stores opened in Singapore and Malaysia since the second half of FY2008.
  • Net profit surged 74% due to continued growth in retail operations in Singapore, higher forex gain and impairment on goodwill arising from acquisition of a subsidiary during 1H08 (Nil in 1H09).
  • IT retail business in Singapore to remain as key growth driver supported by the Group's well-established retail network, strong brand equity and loyal customers.
  • Outlook: The Group will continue to concentrate on its core IT retail business in Singapore.
  • Despite adopting a cautious approach towards expansion, new retail outlets will still be added at suitable locations in order to capture more market share.
  • In the face of the current economic uncertainty, the Group will continue to exercise tighter control measures and monitor inventory levels so as to remain competitive in the market.
  • The Group is actively pursuing strategic partners and new business opportunities to secure more projects in order to continue to grow its business.

    • FINANCIAL RECORDS

    Revenue (SGD '000)

    FY 1H 2H Total
    2009 92,538
    2008 79,264 87,473 168,003
    2007 65,326 70,763 136,089
    2006 41,957 50,354 92,311
    2005 37,262 40,235 77,497
    2004 37,089 38,389 75,478
    -----------------------------------------------------------
    Earnings (SGD '000)

    FY 1H 2H Total
    2009 6,042
    2008 3,521 1,128 5,298
    2007 3,822 3,237 7,059
    2006 2,236 2,296 4,532
    2005 1,985 1,807 3,792
    2004 1,378 1,496 2,874
    -----------------------------------------------------------
    Dividends

    FY Interim Final Special (SGD)
    2009 0.012
    2008 0.012 0.012 NA
    2007 0.010 0.023 NA
    2006 0.010 0.010 NA
    2005 0.010 0.018 NA
    2004 0.007 0.030 NA
    -----------------------------------------------------------
    Bonus / Rights / Stock Split

    Date Type Details
    2007-03-08 Rights 3RS2WTFOR10SH OFFER OF 3 FOR 10 @ $0.1
    -----------------------------------------------------------
    Share Data (SGD)

    NAV = $0.1052
    EPS = $0.0264 (6M FY09)
    Diluted EPS = $0.0262 (6M FY09)
    No of Shares = 228,803,181
    -----------------------------------------------------------

    ANALYSTS' TARGET PRICES

    Broker Recommendation Target Price Date
    NA



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