Courts Asia haunted by retail woes in Singapore

Singapore delinquencies are rising.

According to CIMB, without the booming Malaysia credit sales of early FY13, a return to stronger
profitability looks like a hard slog for Courts Asia.

3Q showed 1) a sequential recovery in Malaysia, after credit sales were reined in earlier, but 2) a 13% qoq decline in Singapore sales, albeit from a 2Q when new Apple products had inflated sales.

Singapore delinquencies are rising. Management is cautious and views the Singapore retail outlook as weak. It is
more optimistic on Malaysia.

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Guiding more cautiously for Singapore (SIN) now
SIN SSS, however, slipped 4.4% and 3Q revenues fell 13% qoq. The qoq comparison looks bad because 2Q had been inflated by electronics sales on the back of new product launches.

Management views a soggy retail environment in Singapore as challenging. Singapore delinquencies are also rising