Diversifying Ruined

SINGAPORE, 12 November 2007 – F J Benjamin, Singapore’s leading fashion and lifestyle group, today announced a 33% increase in its first quarter (Q1) 2008 net profit after tax to $4 million from $3 million in the same quarter last year. Turnover for the same three months ended September 30 rose 43% to $82 million as the key markets in Southeast Asia continued their growth momentum. The Southeast Asian markets grew 49% in Q1 08 over the same quarter last year, helped by strong performance in Malaysia and contributions from new stores and new brands. Overall, F J Benjamin’s fashion business grew 82% year-on-year, in line with the growth of its retail footprint. Excluding sales from new brands Gap, Banana Republic and Celine, retail sales of existing fashion brands increased 38% from Q1 07.

The report can be found here.

However, today STI dropped another whopping 80 points to 3511 points. Today launches another IPO Sinotel. It opened at 58 cents which is a 13% increase of its IPO priced at 51 cents. Recently there has been a lot of IPOs launched ever since the STI surge up to 3800 points. With the STI having dropped a massive 160 points or near 6%, its not surprising to see the IPO drought again. And for those whos been keeping cash, time for some bargain hunt again? Previously good fundamental stocks which I missed have dropped to even lower. Attractive yet again.