SGX:C41

Stock Analysis Report

Cortina Holdings

Executive Summary

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.

Snowflake

Fundamentals

Flawless balance sheet with solid track record.

Share Price & News

How has Cortina Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.3%

C41

0.2%

SG Specialty Retail

0.4%

SG Market


1 Year Return

40.0%

C41

-0.7%

SG Specialty Retail

2.3%

SG Market

Return vs Industry: C41 exceeded the SG Specialty Retail industry which returned -0.1% over the past year.

Return vs Market: C41 exceeded the SG Market which returned 2.6% over the past year.


Shareholder returns

C41IndustryMarket
7 Day2.3%0.2%0.4%
30 Day2.3%0.4%-0.2%
90 Day-8.3%-3.9%-6.4%
1 Year45.6%40.0%2.2%-0.7%6.5%2.3%
3 Year103.0%79.7%-5.6%-14.1%16.0%3.6%
5 Year100.1%66.3%-25.9%-34.5%11.2%-7.2%

Price Volatility Vs. Market

How volatile is Cortina Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cortina Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: C41 (SGD1.33) is trading below our estimate of fair value (SGD6.83)

Significantly Below Fair Value: C41 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: C41 is good value based on its PE Ratio (6.8x) compared to the Specialty Retail industry average (13.1x).

PE vs Market: C41 is good value based on its PE Ratio (6.8x) compared to the SG market (13.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate C41's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: C41 is overvalued based on its PB Ratio (1.1x) compared to the SG Specialty Retail industry average (0.9x).


Next Steps

Future Growth

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

-6.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: C41's earnings are forecast to decline over the next 3 years (-6.1% per year).

Earnings vs Market: C41's earnings are forecast to decline over the next 3 years (-6.1% per year).

High Growth Earnings: C41's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if C41's revenue is forecast to grow faster than the SG market.

High Growth Revenue: Insufficient data to determine if C41's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if C41's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Cortina Holdings performed over the past 5 years?

18.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: C41's earnings have grown by 18.8% per year over the past 5 years.

Accelerating Growth: C41's earnings growth over the past year (32.3%) exceeds its 5-year average (18.8% per year).

Earnings vs Industry: C41 earnings growth over the past year (32.3%) exceeded the Specialty Retail industry -5.6%.


Return on Equity

High ROE: C41's Return on Equity (16%) is considered low.


Return on Assets

ROA vs Industry: C41 has a higher Return on Assets than the Specialty Retail industry average last year.


Return on Capital Employed

ROCE Improving: C41 has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Cortina Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: C41's short term assets (SGD263.7M) exceeds its short term liabilities (SGD89.6M)

Long Term Liabilities: C41's short term assets (263.7M) exceeds its long term liabilities (41.1M)


Debt to Equity History and Analysis

Debt Level: C41's debt to equity ratio (11.2%) is considered satisfactory

Reducing Debt: C41's debt to equity ratio has reduced from 76.8% to 11.2% over the past 5 years.

Debt Coverage: C41's debt is well covered by operating cash flow (309.1%).

Interest Coverage: C41's interest payments on its debt are well covered by EBIT (39.4x coverage).


Balance Sheet

Inventory Level: C41 has a high level of physical assets or inventory.

Debt Coverage by Assets: C41's debt is covered by short term assets (assets are 10.9x debt).


Next Steps

Dividend

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

4.14%

Current Dividend Yield


Dividend Yield vs Market

company4.1%marketbottom25%2.6%markettop25%5.6%industryaverage5.3%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: C41's dividend (4.14%) is higher than the bottom 25% of dividend payers in the SG market (2.54%).

High Dividend: C41's dividend (4.14%) is low compared to the top 25% of dividend payers in the SG market (5.69%).

Stable Dividend: C41's dividend payments have been volatile in the past 10 years.

Growing Dividend: C41's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (10.2%), C41's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

17.3yrs

Average board tenure


CEO

Anthony Lim (84yo)

0yrs

Tenure

0

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 Hol ...


Board Age and Tenure

17.3yrs

Average Tenure

62.5yo

Average Age

Experienced Board: C41's board of directors are seasoned and experienced ( 17.3 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyS$3,04010 Jun 19
Keng Chiew Chuang
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Independent Director
Shares2,000
Max PriceS$1.52
BuyS$481,60019 Feb 19
Ming Yaw Pte Ltd.
EntityCompany
Shares430,000
Max PriceS$1.12

Ownership Breakdown


Management Team

  • Soon Soo Foo (60yo)

    Company Secretary

    • Tenure: 0yrs
  • Jeremy Lim (48yo)

    Regional GM & Executive Director

    • Tenure: 17.3yrs
  • Victor Yu (66yo)

    Head of Strategic Planning

    • Tenure: 34.3yrs
  • Sharon Lim (54yo)

    Marketing Director

    • Tenure: 8.9yrs
  • Raymond Lim (59yo)

    Deputy Chairman & Deputy CEO

    • Tenure: 8.8yrs
  • Anthony Lim (84yo)

    Founder

    • Tenure: 0yrs
  • Kok Hoong Ngai

    Financial Controller

    • Tenure: 0yrs
  • Hui Lim

    Executive Officer

    • Tenure: 0yrs
  • Liam Tay

    Managing Director of Cortina Watch Malaysia

    • Tenure: 0yrs
  • Sapphira Low

    Company Secretary

    • Tenure: 0yrs

Board Members

  • Jeremy Lim (48yo)

    Regional GM & Executive Director

    • Tenure: 17.3yrs
  • Victor Yu (66yo)

    Head of Strategic Planning

    • Tenure: 34.3yrs
  • Benny Long (50yo)

    Independent Director

    • Tenure: 19.3yrs
  • Michael Foo (72yo)

    Independent Director

    • Tenure: 46.8yrs
  • Pearce Lau (78yo)

    Independent Director

    • Tenure: 17.3yrs
  • Sharon Lim (54yo)

    Marketing Director

    • Tenure: 8.9yrs
  • Raymond Lim (59yo)

    Deputy Chairman & Deputy CEO

    • Tenure: 8.8yrs
  • Anthony Lim (84yo)

    Founder

    • Tenure: 0yrs
  • Michael Chin (63yo)

    Lead Independent Director

    • Tenure: 11.3yrs
  • Keng Chiew Chuang (62yo)

    Non-Executive Independent Director

    • Tenure: 0.4yrs

Company Information

Cortina Holdings Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cortina Holdings Limited
  • Ticker: C41
  • Exchange: SGX
  • Founded: 1972
  • Industry: Apparel Retail
  • Sector: Retail
  • Market Cap: S$220.219m
  • Shares outstanding: 165.58m
  • Website: https://www.cortina.com.sg

Number of Employees


Location

  • Cortina Holdings Limited
  • No. 18-01 Ngee Ann City Tower B
  • 391B Orchard Road
  • Singapore
  • 238874
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
C41SGX (Singapore Exchange)YesOrdinary SharesSGSGDJul 2002

Biography

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 Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 12:40
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2019/03/31


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.