辉立证券-港股（个股-老昌记）-商业新设施-old chang keeltd. new facilities to commence 3q18-20170816-phillip securities-

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1、Editor:VaughnLITel:(852)22776628Email:foreignstock@phillip.com.hkOldChangKeeLtd.Newfacilitiestocommence3Q18SINGAPORE

2、CONSUMER

3、1Q18RESULTS16August20171Q18revenuewasin-linewithexpectationbutearningsmissedoncostspressuresBUY(Maintained)Expectfullintegrationandcommencementof

4、SingaporefactoriesatWoodlandsLASTCLOSEPRICESGD0.79FORECASTDIVSGD0.03Terraceby3Q18;NewcapacitytoboostproductinnovationsandmarginsTARGETPRICESGD0.98MaintainedAccumulatewithunchangedDCF-derivedTPofS$0.98TOTALRETURN27.8%ResultsataglanceCOMPANYDATAS$mn1Q181Q17YoY(%)CommentsBLO

5、OMBERGCODE:OCKSPRevenue20.618.610.7%ContributionsfromnewoutletsandincreasedsalesinO/SSHARES(MN):121existingoutletsMARKETCAP(USDmn/SGDmn):70/96No.ofoutletsinSG+4YoYto8952-WKHI/LO(SGD):0.88/0.68Grossprofit12.511.68.0%Higherrawmaterialcosts3MAverageDailyT/O(mn):0.02Grossmargi

6、n-1.5ppto60.9%MAJORSHAREHOLDERS(%)EBITDA2.32.6-12.4%HigherstaffandrentalexpensesHANKEENJUAN58.6%EBITDAmargin-3.0ppto11.2%GOODVIEWPROPERTIESPTELTD11.7%Netprofit0.70.9-25.8%-22.3%YoYifex.S$0.31mnstart-uplossesinUKLIMTAO-EWILLIAM7.3%Source:Company,PSRPRICEPERFORMANCE(%)Thepos

7、itives1MTH3MTH1YRSignaturepuffproductscontinuetogaintraction,12%YoYonnewstoresandnewCOMPANY(1.2)(2.4)16.1puffflavours.Puffproductsremainedthemajorcontributortoitsrevenue,accountingSTIRETURN1.743.0619.77forc.33.6%oftheGroup’s2Q17revenue.Productinnovationsdrovehighersalesfr

8、omPRICEVS.STImaturestores.Weexpectfivenewstoresinthepipeline,bringingOCKtoatotalof920.90outletsbyend-FY18.IntegrationofWoodlandsTerraceisontracktocompleteby3Q18.Thenewly0.80reconstructedfactoryat2WoodlandsTerracehadreceiveditsTOPinmid-July,andisbeingequippedwithadvancedfa

9、cilitiesandequipment.0.70Thenegatives0.60-Higherrawmaterialcostsandoperatingexpenseserodedmargins.ManagementAug-16Nov-16Feb-17May-17OCKSPEQUITYFSSTIindexnotedcostspressuresarisingfromhigherpricesfortwoofitsmainrawmaterials,i.e.chickenandseafood*.Higherstaffcostsonsalaryadj

10、ustmentswhilerentalexpensesSource:Bloomberg,PSRincreasedonmorenewstores.Therentalcostinke