DESIGN STUDIO: A cheaper alternative to Kingsmen Creative?

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This article was recently published in the Let's Get Rich Together blog, and is reproduced with permission.


350bedroomreflectionsDesign Studio is Singapore's leading furniture manufacturer, interior fitting-out and product specialist. They serve the residential, commercial and retail properties. 

DS is slightly different from the more popular Kingsmen Creative which specialises in Corporate/Retail Interiors, Exhibitions/Events, Theme parks & Museums.

3 Business Segments

Residential - supply and install products like Kitchen cabinets, vanity cabinets, wardrobes etc.
Commercial - Interior fitting out to Hospitality and Commercial developments
Distribution - Distribute imported brands in Singapore 


Notable clients

  • Trump Tower, Las Vegas
  • Burj Khalifa, Dubai
  • Resorts World Sentosa
  • Marina Bay Sands
  • City Developments
  • Capitaland 
  • Keppel Land - Reflections at Keppel Bay
  • GoucoLand Limited
  • Far East Organisation
  • South Beach Mixed Development
  • Westin Hotel, Marina Bay


These big names bodes well for DS' reputation, helping them to gain more clients in the future.

Valuations
Design Studio
PE ratio = 6.8
PB ratio = 1.2
Dividend yield = 11.8% (more on that later)

Kingsmen Creative
PE ratio = 11.5
PB ratio = 2.0
Dividend yield = 4.0%

Past results

rev pbt margin7.15

bs.div7.15

orderbook7.15


order7.15

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Comments  

#3 Dane 2015-08-09 16:36
Lotus: I think CEI Contract Mfrg deserves a higher priority. Just look at the shocking increase in interim dividend. :)
#2 lotustpsll 2015-08-01 10:40
I have included Design Studio into my high yield list following its 1H results which were released last evening. Key notes:-
- marginal Qtr profit growth against corresponding 2Q14
- order books remain solid
- interim dividend per share raised
Performance is impressive considering slower market conditions.
#1 lotustpsll 2015-07-29 14:44
Good article, well articulated.

Am vested earlier in view of its established business model, rising order books and strong FCF and financial position. A quality stock and one should hold long term as high yield play..

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