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DBS Vickers Securities

Analyst: Alice Hui

Report date Title
21 September 2017 Results in line; rebuilding profitability the key focus
23 February 2017 Cost initatives taking effect
21 September 2016 FY16 results - no major surprise
03 May 2016 3QFY16 operations on track
24 February 2016 Still too early
24 September 2015 Challenges remain
18 May 2015 Yet another profit warning
26 February 2015 Outlook remains foggy
21 January 2015 Bumpy road ahead
24 September 2014 Visibility remains low
24 February 2014 Aggressive cost-cutting, but sales recovery could take time
30 October 2013 Stabilising, but uncertainties remain
11 September 2013 Housekeeping to continue
15 May 2013 Need more patience
08 May 2013 Profit warning
28 February 2013 Still challenging
25 February 2013 Low earnings visibility
26 September 2012 Execution risk remains
13 June 2012 CEO resigns
10 May 2012 Q3 on track; write-back a positive
24 February 2012 Don't get too excited yet
01 November 2011 Weak 1Q performance
16 September 2011 Change, restructure and reform
28 July 2011 Margin squeeze hit 2H earnings
29 April 2011 Q3 operation update
11 February 2011 Awaiting catalysts
15 December 2010 Lacking catalyst
29 October 2010 Wholesale performance remains weak
03 September 2010 Challenges remain
03 February 2010 Growth to resume
18 December 2009 Limited earnings impact from China acquisition
22 October 2009 Q1FY10 sales remained weak
27 August 2009 Diappointing results
08 April 2009 New CEO appointed
05 February 2009 Wholesale remains challenging
21 October 2008 Slower growth ahead
28 August 2008 More uncertainties ahead
21 July 2008 Changes in management - BUY
08 July 2008 Growth intact, valuation attractive - BUY
14 May 2008 Marco factor overplayed
31 January 2008 Still on a solid track
16 January 2008 Negatives mostly priced in
18 October 2007 Riding on the strong Euro
30 August 2007 From strength to strength
27 June 2007 Euro gain and tax benefits
08 February 2007 ResultAnalyser
01 February 2007 Solid 1H expected
14 September 2006 Taking a sprint at its recovery
06 March 2006 A temporary problem?
14 September 2005 No major surprise
24 February 2005 Positive surprise repeated
16 September 2004 More retail expansion
12 February 2004 1H04 result beat expectations again
03 February 2004 Strong interim expected
29 December 2003 Acquisition of Swiss licencee - maintain buy
03 September 2003 Still a buy
13 February 2003 Another set of stellar results
15 January 2003 Continued momentum
13 November 2002 Global structure in place


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