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Cortina Holdings

SGX:C41
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C41
SGX
SGD210M
Market Cap
  1. Home
  2. SG
  3. Retail
Company description

Cortina Holdings Limited, an investment holding company, engages in the retail and distribution of timepieces and accessories in Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, and Russia. The last earnings update was 10 days ago. More info.


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  • Cortina Holdings has significant price volatility in the past 3 months.
C41 Share Price and Events
7 Day Returns
15.5%
SGX:C41
-0.3%
SG Specialty Retail
1.1%
SG Market
1 Year Returns
57.8%
SGX:C41
-3.3%
SG Specialty Retail
-7.3%
SG Market
C41 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cortina Holdings (C41) 15.5% 30.9% 21% 57.8% 71.6% 53%
SG Specialty Retail -0.3% 4.1% 5.2% -3.3% -26.7% -40.7%
SG Market 1.1% 3.1% 7% -7.3% 16.2% -0.7%
1 Year Return vs Industry and Market
  • C41 outperformed the Specialty Retail industry which returned -3.3% over the past year.
  • C41 outperformed the Market in Singapore which returned -7.3% over the past year.
Price Volatility
C41
Industry
5yr Volatility vs Market

Value

 Is Cortina Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cortina Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cortina Holdings.

SGX:C41 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:C41
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 7.7%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.486 (1 + (1- 17%) (14.28%))
0.544
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.8 * 7.7%)
8.46%

Discounted Cash Flow Calculation for SGX:C41 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cortina Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:C41 DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (SGD, Millions) 57.21 58.96 60.77 62.63 64.55
Source Est @ 3.07% Est @ 3.07% Est @ 3.07% Est @ 3.07% Est @ 3.07%
Present Value
Discounted (@ 8.46%)
52.75 50.12 47.63 45.26 43.01
Present value of next 5 years cash flows SGD238.77
SGX:C41 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= SGD64.55 × (1 + 2.3%) ÷ (8.46% – 2.3%)
SGD1,072.52
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= SGD1,072.52 ÷ (1 + 8.46%)5
SGD714.57
SGX:C41 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= SGD238.77 + SGD714.57
SGD953.34
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD953.34 / 165.58
SGD5.76
SGX:C41 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD5.76
Current discount Discount to share price of SGD1.27
= -1 x (SGD1.27 - SGD5.76) / SGD5.76
77.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cortina Holdings is available for.
Intrinsic value
>50%
Share price is SGD1.27 vs Future cash flow value of SGD5.76
Current Discount Checks
For Cortina Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cortina Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cortina Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cortina Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cortina Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:C41 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.17
SGX:C41 Share Price ** SGX (2019-02-21) in SGD SGD1.27
Singapore Specialty Retail Industry PE Ratio Median Figure of 6 Publicly-Listed Specialty Retail Companies 10.04x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 12.13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cortina Holdings.

SGX:C41 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:C41 Share Price ÷ EPS (both in SGD)

= 1.27 ÷ 0.17

7.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cortina Holdings is good value based on earnings compared to the SG Specialty Retail industry average.
  • Cortina Holdings is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Cortina Holdings's expected growth come at a high price?
Raw Data
SGX:C41 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
1.3%per year
Asia Specialty Retail Industry PEG Ratio Median Figure of 19 Publicly-Listed Specialty Retail Companies 0.59x
Singapore Market PEG Ratio Median Figure of 129 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Cortina Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cortina Holdings's assets?
Raw Data
SGX:C41 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.16
SGX:C41 Share Price * SGX (2019-02-21) in SGD SGD1.27
Singapore Specialty Retail Industry PB Ratio Median Figure of 10 Publicly-Listed Specialty Retail Companies 0.77x
Singapore Market PB Ratio Median Figure of 434 Publicly-Listed Companies 0.75x
SGX:C41 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:C41 Share Price ÷ Book Value per Share (both in SGD)

= 1.27 ÷ 1.16

1.1x

* Primary Listing of Cortina Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cortina Holdings is overvalued based on assets compared to the SG Specialty Retail industry average.
X
Value checks
We assess Cortina Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Specialty Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Specialty Retail industry average (and greater than 0)? (1 check)
  5. Cortina Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cortina Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Cortina Holdings, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cortina Holdings expected to grow at an attractive rate?
  • Cortina Holdings's earnings growth is positive but not above the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Cortina Holdings's earnings growth is positive but not above the Singapore market average.
  • Unable to compare Cortina Holdings's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:C41 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:C41 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 1.3%
Singapore Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 17.2%
Asia Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 7.9%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 4.3%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:C41 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:C41 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 472 68 29
2018-09-30 471 68 25
2018-06-30 477 73 25
2018-03-31 466 55 22
2017-12-31 439 50 18
2017-09-30 419 42 15
2017-06-30 391 27 11
2017-03-31 391 36 12
2016-12-31 378 27 9
2016-09-30 374 31 10
2016-06-30 378 30 10
2016-03-31 367 13 8

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cortina Holdings's earnings are expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Cortina Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:C41 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Cortina Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C41 Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.17
2018-09-30 0.15
2018-06-30 0.15
2018-03-31 0.13
2017-12-31 0.11
2017-09-30 0.09
2017-06-30 0.07
2017-03-31 0.07
2016-12-31 0.06
2016-09-30 0.06
2016-06-30 0.06
2016-03-31 0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cortina Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cortina Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cortina Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cortina Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cortina Holdings's growth in the last year to its industry (Specialty Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cortina Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Cortina Holdings's 1-year earnings growth exceeds its 5-year average (57.9% vs 9.4%)
  • Cortina Holdings's earnings growth has exceeded the SG Specialty Retail industry average in the past year (57.9% vs 15.2%).
Earnings and Revenue History
Cortina Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cortina Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C41 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 472.13 28.96 61.09
2018-09-30 471.08 25.37 60.66
2018-06-30 477.24 24.64 60.97
2018-03-31 466.29 22.35 60.43
2017-12-31 439.49 18.34 59.28
2017-09-30 418.60 15.24 58.55
2017-06-30 390.92 11.50 57.40
2017-03-31 390.82 11.80 56.48
2016-12-31 378.24 9.38 54.81
2016-09-30 373.94 9.59 53.94
2016-06-30 377.80 10.26 53.29
2016-03-31 367.26 8.39 52.38
2015-12-31 396.41 13.70 54.24
2015-09-30 396.45 13.74 52.91
2015-06-30 395.43 12.86 51.90
2015-03-31 404.69 15.22 51.11
2014-12-31 396.14 13.73 47.73
2014-09-30 405.68 15.54 47.83
2014-06-30 410.48 17.62 47.72
2014-03-31 415.08 18.37 48.20
2013-12-31 401.75 17.70 45.98
2013-09-30 395.31 17.65 48.03
2013-06-30 381.27 17.33 47.27
2013-03-31 367.45 16.51 46.49
2012-12-31 359.31 18.31 45.05
2012-09-30 351.16 20.10 43.62
2012-06-30 345.50 20.63 41.84
2012-03-31 339.85 21.15 40.05

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cortina Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cortina Holdings used its assets more efficiently than the SG Specialty Retail industry average last year based on Return on Assets.
  • Cortina Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cortina Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Specialty Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cortina Holdings has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cortina Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cortina Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cortina Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cortina Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cortina Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cortina Holdings Company Filings, last reported 1 month ago.

SGX:C41 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 199.05 30.04 40.01
2018-09-30 189.60 31.86 34.53
2018-06-30 191.94 35.26 44.05
2018-03-31 185.91 44.12 35.49
2017-12-31 176.87 70.97 31.34
2017-09-30 170.04 72.39 26.94
2017-06-30 169.08 75.57 24.71
2017-03-31 166.00 72.21 21.78
2016-12-31 163.51 93.96 20.62
2016-09-30 162.80 89.76 20.20
2016-06-30 163.73 81.29 19.27
2016-03-31 161.47 86.25 17.26
2015-12-31 159.69 103.43 17.99
2015-09-30 156.27 105.59 17.87
2015-06-30 160.53 95.88 18.29
2015-03-31 161.26 99.95 27.34
2014-12-31 152.61 124.76 16.96
2014-09-30 149.16 125.03 11.65
2014-06-30 150.94 116.74 15.18
2014-03-31 147.52 110.28 14.50
2013-12-31
2013-09-30 137.29 126.38 12.64
2013-06-30 134.51 112.92 7.63
2013-03-31 134.51 112.92 7.63
2012-12-31 134.51 112.92 7.63
2012-09-30 124.37 125.78 6.52
2012-06-30 124.37 125.78 6.52
2012-03-31 123.60 70.30 10.92
  • Cortina Holdings's level of debt (15.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (82.9% vs 15.1% today).
  • Debt is well covered by operating cash flow (226%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 31.5x coverage).
X
Financial health checks
We assess Cortina Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cortina Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cortina Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.54%
Current annual income from Cortina Holdings dividends.
If you bought SGD2,000 of Cortina Holdings shares you are expected to receive SGD71 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cortina Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Cortina Holdings's dividend is below the markets top 25% of dividend payers in Singapore (5.96%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:C41 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 5.4%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 288 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.5%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:C41 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-07-26 0.045 4.510
2017-07-21 0.020 2.400
2016-07-13 0.020 2.582
2015-07-16 0.030 3.888
2014-07-11 0.030 3.654
2013-05-30 0.030 3.613
2012-05-28 0.035 4.517
2011-07-21 0.025 5.381
2011-05-27 0.025 5.656
2010-07-13 0.010 2.333
2010-05-24 0.010 2.715
2009-05-25 0.010 2.935
2009-02-25 0.010 3.639

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Cortina Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (8.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cortina Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cortina Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cortina Holdings has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cortina Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Anthony Lim
CEO Bio

Mr. Keen Ban Lim, also known as Anthony, is Founder of Cortina Watch Pte Ltd and serves as its Chief Executive Officer Mr. Lim serves as the Chairman of the Board and Chief Executive Officer of Cortina Holdings Limited and served as its Managing Director since 1972. He is one of the Co-founders of Cortina Holdings Ltd. Group and responsible for the overall management, strategic planning and business development of the Group. He is a co-owner of Lim Keen Ban Holdings Pte Ltd. He also heads the distribution business and was instrumental in building up the distribution business over the last twenty years. He has over 45 years of experience in the business of watch retailing and distribution and has gained extensive knowledge of the industry over the years. He serves as a Director of Cortina Holdings Limited. He is the President of the Singapore Clock & Watch Trade Association from 2002 to 2008.

CEO Compensation
  • Insufficient data for Anthony to compare compensation growth.
  • Insufficient data for Anthony to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure of the Cortina Holdings management team in years:

12.3
Average Tenure
  • The average tenure for the Cortina Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Anthony Lim

TITLE
Founder

Raymond Lim

TITLE
Deputy Chairman & Deputy CEO
TENURE
8.1 yrs

Victor Yu

TITLE
Head of Strategic Planning

Sharon Lim

TITLE
Marketing Director
AGE
53

Soon Soo Foo

TITLE
Company Secretary
AGE
59

Kok Hoong Ngai

TITLE
Financial Controller

Edna Low

TITLE
Company Secretary
TENURE
12.3 yrs

Jeremy Lim

TITLE
Regional GM & Executive Director
TENURE
15.1 yrs

Hui Lim

TITLE
Executive Officer

Liam Tay

TITLE
Managing Director of Cortina Watch Malaysia
Board of Directors Tenure

Average tenure and age of the Cortina Holdings board of directors in years:

17.1
Average Tenure
67
Average Age
  • The average tenure for the Cortina Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Anthony Lim

TITLE
Founder

Raymond Lim

TITLE
Deputy Chairman & Deputy CEO
TENURE
8.1 yrs

Victor Yu

TITLE
Head of Strategic Planning
TENURE
32.1 yrs

Sharon Lim

TITLE
Marketing Director
AGE
53
TENURE
8.3 yrs

Jeremy Lim

TITLE
Regional GM & Executive Director
TENURE
17.1 yrs

Pearce Lau

TITLE
Independent Director
AGE
77
TENURE
17.1 yrs

Michael Chin

TITLE
Lead Independent Director
AGE
62
TENURE
10.7 yrs

James Lee

TITLE
Independent Director
AGE
72
TENURE
8.8 yrs

Benny Long

TITLE
Independent Director
TENURE
19.1 yrs

Michael Foo

TITLE
Independent Director
TENURE
47.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
19. Feb 19 Buy Ming Yaw Pte Ltd. Company 19. Feb 19 19. Feb 19 430,000 SGD1.12 SGD481,600
12. Mar 18 Buy Tay Yun Chwan Individual 09. Mar 18 09. Mar 18 483,000 SGD0.81 SGD392,669
X
Management checks
We assess Cortina Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cortina Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Boasting A 15% Return On Equity, Is Cortina Holdings Limited (SGX:C41) A Top Quality Stock?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Cortina Holdings has a return on equity of 15% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What does Cortina Holdings Limited's (SGX:C41) Balance Sheet Tell Us About Its Future?

Cortina Holdings Limited (SGX:C41) is a small-cap stock with a market capitalization of S$161m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is

Simply Wall St -

Are Insiders Buying Cortina Holdings Limited (SGX:C41) Stock?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So shareholders might well want to know whether insiders have been buying or selling shares in Cortina Holdings Limited (SGX:C41). … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'.

Simply Wall St -

Cortina Holdings Limited (SGX:C41) Earns A Nice Return On Capital Employed

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Do You Like Cortina Holdings Limited (SGX:C41) At This P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Cortina Holdings has a price to earnings ratio of 6.79, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Why Cortina Holdings Limited (SGX:C41) Looks Like A Quality Company

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Another way to think of that is that for every SGD1 worth of equity in the company, it was able to earn SGD0.13. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Financially Strong Is Cortina Holdings Limited (SGX:C41)?

Investors are always looking for growth in small-cap stocks like Cortina Holdings Limited (SGX:C41), with a market cap of S$159m. … However, an important fact which most ignore is: how financially healthy is the business? … Specialty Retail businesses operating in the environment facing headwinds from current disruption,.

Simply Wall St -

Should You Be Tempted To Buy Cortina Holdings Limited (SGX:C41) Because Of Its PE Ratio?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … While this makes C41 appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … Check out our latest analysis for Cortina Holdings

Simply Wall St -

Interested In Cortina Holdings Limited (SGX:C41)? Here's What Its Recent Performance Looks Like

After reading Cortina Holdings Limited's (SGX:C41) latest earnings update (31 March 2018), I found it beneficial to look back at how the company has performed in the past and compare this against the most recent numbers. … See our latest analysis for Cortina Holdings? … C41's trailing twelve-month earnings (from 31 March 2018) of S$22.35m has

Simply Wall St -

What Makes Cortina Holdings Limited (SGX:C41) An Attractive Investment?

Cortina Holdings Limited (SGX:C41) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … company with a

Simply Wall St -

Company Info

Map
Description

Cortina Holdings Limited, an investment holding company, engages in the retail and distribution of timepieces and accessories in Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, and Russia. The company operates through Wholesale and Retail segments. The Wholesale segment engages in the wholesale of time pieces and luxury branded accessories. The Retail segment is involved in the retail of time pieces, branded pens, and accessories. The company was founded in 1972 and is headquartered in Singapore.

Details
Name: Cortina Holdings Limited
C41
Exchange: SGX
Founded: 1972
SGD210,284,587
165,578,415
Website: http://www.cortina.com.sg
Address: Cortina Holdings Limited
No. 18-01 Ngee Ann City Tower B,
391B Orchard Road,
Singapore,
238874,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX C41 Ordinary Shares Singapore Exchange SG SGD 29. Jul 2002
Number of employees
Current staff
Staff numbers
411
Cortina Holdings employees.
Industry
Apparel Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/23 12:45
End of day share price update: 2019/02/21 00:00
Last earnings filing: 2019/02/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.