A Leading Watch & Jewellery Retailer
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1 Company Structure A Leading Watch & Jewellery Retailer Shareholding: Emperor Group (~54%) Public (~46%) Emperor Watch & Jewellery Limited (887.HK) Revenue Mix: Watch Business (~80%) Jewellery Business (~20%) Authorised dealer of international watch brands Design and sale of diamond, jade, pearl, gold and other jewellery under brand Competitive Strengths Comprehensive watch brand mix Wide recognition of brand Strong presence on prime retail locations Diversify synergies effect with group sister companies Excellent direct marketing Proficient management team Mr. Brian Li, Deputy Chief Executive of the Bank of East Asia Limited (Left 1) Mr. Martin Lee, Executive Director of Henderson Land Development Co. Ltd (Left) Other Information Analyst Contacts China Galaxy Tony Li tonyli@chinastock.com.hk Cinda Lewis Pang lewis.pang@cinda.com.hk CLSA Mariana Kou mariana.kou@clsa.com CMB International Walter Woo walterwoo@cmbi.com.hk IR Contacts: Anna Luk, Group IR Director T: (852) E: annaluk@emperorgroup.com Deutsche Bank Anne Ling anne.ling@db.com Winnie Kwong, Haitong International Walden Shing walden.wc.shing@htisec.com Group IR Manager T: (852) Macquarie Linda Huang linda.huang@macquarie.com E: winniekwong@emperorgroup.com Yuanta Peter Chu peter.kk.chu@yuanta.com 1
2 Comprehensive Brand Mix Hong Kong: 26 Dealerships Baume & Mercier Bedat & Co Bell & Ross Blancpain Breguet Cartier Certina Chopard Girard-Perregaux Hamilton IWC Schaffhausen Jaeger-LeCoultre Montblanc Mido Omega Officine Panerai Parmigiani Patek Philippe Piaget Rado Rolex Tag Heuer Tissot Tudor Vacheron Constantin Zenith Close Relationship with Watch Brand Suppliers Watch Business Mainland China: 9 Dealerships Baume & Mercier ( 名士 ) Carl F. Bucherer ( 寶齊萊 ) Franck Muller ( 法穆蘭 ) Omega ( 歐米茄 ) Piaget ( 伯爵 ) Rolex ( 勞力士 ) Tag Heuer ( 泰格豪雅 ) Tudor ( 帝舵表 ) Zenith ( 真力時 ) Singapore: 4 Dealerships Cartier Patek Philippe Rolex Tudor Mr. Thierry Stern, President of Patek Philippe (Right 2) Mr. & Mrs. Philippe Stern, Honorary President of Patek Philippe (Left 3 & 4) Stephan Ritzmann, CEO of Chopard Asia-Pacific Region (Left 2) Martin Ganz, Vice President of Breguet Hong Kong and Macau (Right 1) Regional Watch Price Differences Mr. Daniel Neidhart, Managing Director of Rolex (Hong Kong) Limited (Left 1) Co-op advertising campaigns with watch brand suppliers 2 Market Local Listed Price Against Hong Kong Hong Kong - Macau - Mainland China plus ~20% Singapore plus ~5% Malaysia - Japan - Korea plus ~5% Thailand plus ~5% Europe minus ~5% The above price differences is mainly attributable by VAT, luxury tax, import tariff, currency exchange rate and regional price difference dictated by watch brand suppliers Rolex "Day-Date Yellow Gold HK$222,000 RMB235,500 SGD42,180 Cartier Ballon Bleu Medium Rose Gold HK$343,000 RMB342,000 SGD63,000 Patek Philippe Grand Complications Rose Gold HK$653,600 RMB657,600 SGD115,000
3 Quality Diamond and Jadeite with Design on Premium Jewellery Business With focus on quality diamond and fine jadeites among the comprehensive product range, including pearl, colour stones and gold as well, under brand Emphasis on skillful craftsmanship, delicate and stylish design Stringent Quality and Service Standards Product Quality Assure quality and authenticity of the gem-sets ~ 90% of diamond stones weighting 1ct or above are in upper colour range (i.e. colour D to J) >90% of diamond stones weighting 1ct or above are certified by GIA Service Standards Emphasis on product knowledge of the staff and professional services to the customers Maintain 1 qualified GIA certificate holder out of 5 jewellery sales executives in HK and Macau Well-trained staff who possess professional product knowledge and provide excellent customer services Advise tips on jewellery care and maintenance Offer comprehensive after-sale services Recognised as Quality Tourism Services-accredited shop by HKTB Charismatic Endless Collections Roll out various signature jewellery collections with unique charisma for brand loyalty Recast precious materials in an elegance and excellence with exceptional creations Demonstrate feminine appeal with a fine and delicate quality Heartbeat Collection Mini Me Collection launch event in Apr 2018 Widely Recognised as a Prestigious Brand Celebrities endorsement on advertisements and advertorials Online exposure in popular websites and social media channels Collaboration with KOLs & Bloggers High Jewellery Collection by Cindy Yeung launched in Nov 2017 Ms. Charlene Choi featuring Heartbeat Collection Mr. Nicolas Tse featuring Yo Yo Collection Short film featuring High Jewellery Collection (by Cindy Yeung) on Youtube Instagram Facebook Exposure on social media platforms 3
4 Financial Review Financial Summary HK$ million FY2016 FY2017 1H2017 1H2018 YOY Changes Revenue 3,642 4,075 1,827 2, % Gross Profit 909 1, % Gross Profit Margin 25.0% 26.7% 26.7% 27.6% + 0.9pp Earnings/(Loss) BITDA (2) % Earnings/(Loss) BITDA Margin (0.1)% 5.1% 3.3% 8.1% + 4.8pp Net Profit/(Loss) (65) % Net Profit/(Loss) Margin (1.8)% 3.9% 2.1% 6.4% + 4.3pp Basic EPS/(LPS) (HK Cents) (0.94) % Emperor W&J declared an interim dividend of HK0.70 cent (1H2017: HK0.17 cent) per share. Revenue Breakdown Total Revenue FY2016 FY2017 1H2017 1H2018 Changes By Product Segment (HK$m) Mix (%) (HK$m) Mix (%) (HK$m) Mix (%) (HK$m) Mix (%) (%) Watch 2, , , , Jewellery Diamond & Jade Others* Total 3, , , , By Geographical Segment HK 2, , , , Macau China Singapore Total 3, , , , *Others represent color stones, pearl and gold jewellery. 4
5 Financial Summary Volume VS ASP FY2016 FY2017 1H2017 1H2018 Watch No. of Goods Sold (pcs) 35,789 37,527 17,456 22,220 ASP (HK$) $79,821 $86,301 $84,228 $87,378 Jewellery (Diamond and Jade) No. of Goods Sold (pcs) 24,850 25,074 12,241 13,020 ASP (HK$) $18,808 $20,001 $16,853 $21,730 Jewellery (Others*) No. of Goods Sold (pcs) 84,306 82,250 40,282 57,585 ASP (HK$) $3,769 $4,080 $3,741 $3,986 *Others represent color stones, pearl and gold jewellery. Key Performance Indicators FY2016 FY2017 1H2017 1H2018 Same Store Sales* (Overall) % % + 8.8% % Same Store Sales* (HK) % % + 8.2% % Store Rental / Total Revenue 12.9% 10.4% 11.9% 8.7% Store Staff Cost / Total Revenue 4.8% 4.7% 4.9% 4.7% Marketing Cost / Total Revenue 0.6% 0.5% 0.4% 0.5% YE2016 YE2017 PE2017 PE2018 Gearing Ratio (Debts/Total Assets) Nil Nil Nil Nil Gearing Ratio (Debts/Total Equity) Nil Nil Nil Nil Stock Turnover Days 354 days 353 days 368 days 294 days Inventory (HK$) $2,647m $2,651m $2,725m $2,875m Cash on Hand (HK$) $1,324m $1,613m $1,426m $1,430m Debts (HK$) Nil Nil Nil Nil *Same Store Sales represents the % change of total sales of the comparable stores year-on-year. 5
6 Retail Network Retail Network Covering HK, Macau, Mainland China and Singapore As of 30 June 2018 Single-brand Watch Only Multi-brand Watch with/without Jewellery Jewellery Only Total Total (sq. ft.) Floor Area Average (sq. ft.) Hong Kong ,779 3,111 Macau ,451 1,575 Mainland China , Singapore , Total ,168 1,562 Strong Presence on Prime Retail Locations Russell Street, Causeway Bay No Legend Business operated by Emperor W&J (887.HK) Times Square Times Square Premises owned by Emperor International (163.HK) Canton Road, Tsimshatsui 1881 Heritage China HK City Harbour City 6
7 2018 Store Expansion Plan Future Strategies Opening Date Shop Details Hong Kong 1 Apr 2018 Jewellery shop - Telford Plaza 1, Kowloon Bay, Kowloon Mr. Carlos Chan is appointed as Star Store Manager in Grand Opening 2 Jun 2018 Jewellery shop - Sunshine City Plaza, Ma On Shan, New Territories 3 Sep 2018 Jewellery shop - APM, Millennium City 5, Kwun Tong, Kowloon 4 Nov 2018 Jewellery shop - Temple Mall North, Wong Tai Sin, Kowloon 5 Nov 2018 Jewellery shop - New Jade Shopping Arcade, Chai Wan, Hong Kong Macau 6 Apr 2018 Multi-watch shop - Emperor Nam Van Centre, No Avenida do Infante D. Henrique, Macau Peninsula 7 Jul 2018 Jewellery shop - Shoppes at Venetian, The Venetian Macao Resort Hotel, Cotai Mainland China 8 Jan 2018 Jewellery shop - New Mart, Dasheng City Square, Zhongxing Road, Panjin, Liaoning (LNG) 9 Feb 2018 Rolex & Tudor boutique - Shin Kong Place, No.89 Hongjin Road, Chongqing (CQE) 10 Apr 2018 Multi-brand watch and jewellery shop - Emperor Group Centre, No. 12D Jianguomenwai Avenue, Beijing (J66 & J67) 11 Apr 2018 Jewellery shop - Orient Shopping Center, No. 66, Chengzhong Road, Shanghai (H35) 12 Apr 2018 Jewellery shop - Printemps Department Stores, No.1 Songhu Road, Shanghai (H36) 13 May 2018 Jewellery shop - FC Plaza Holiday Life City, Jiujingzhuang Road, Jiugong Town, Beijing (J69) 14 Jun 2018 Jewellery shop - Beijing LIVAT Centres, No.15 Xinning Street, Beijing (J70) 15 Jun 2018 Rolex &Tudor boutique - Chongqing Times Square, No.100 Zourong Road, Chongqing (CQF) 16 Aug 2018 Jewellery shop - Friendship Xintiandi Plaza, No.208 Binjiang Road, Tianjin (TJ1) 17 Aug 2018 Jewellery shop - World Trade Plaza, No. 686 Jiefang Road, Wuhan (HU2) 18 Aug 2018 Jewellery shop - Guangzhou Friendship Store (Guojing), No. 5 Zhujiang West Road, Zhujiang New Town, Guangzhou (GD5) 19 Sep 2018 Jewellery shop - Shin Kong Place, No.89 Hongjin Road, Chongqing (CQA) 20 Oct 2018 Tudor boutique - Beijing APM, No. 138 Wangfujin Avenue, Beijing (J68) Malaysia 21 Oct 2018 Jewellery shop - Pavilion Kuala Lumpur, 168 Jalan Bukit Bintang, Kuala Lumpur, Malaysia (-) represents internal shop number 7
8 Future Strategies Enhance Jewellery Business Expand jewellery business to enhance overall profit margin performance Increase the sales capacity by rolling out numerous collections on regular basis and direct marketing events Target to achieve 50% of the overall revenue in medium to long term Reinforce brand positioning Position Emperor Jewellery as affordable luxury Implement brand building exercise Enhance brand exposure by participating in regional/international fashion and jewellery shows Deepen market penetration Continue to execute organic store expansion plan Revamp stores and create fresh counters to enhance shoppers experience and enable effective customer segmentation Identify e-commerce opportunities Seek to operate e-commerce through online shopping platforms (e.g. Tmall, jd.com) to capture massive potentials of internet and mobile users Enhance brand visibility on various websites to draw target customers from online to offline Expand user database for analysing customer demographics and formulating effective product strategy jd.com Tmall Byzance de Emperor Collection, 2015 High Jewellery Collection by Cindy Yeung, 2017 Heartbeat Collection, 2017 Crown de Emperor, 2016 New Yo Yo Collection, 2018 MiniMe Collection, 2018 Crown Your Life 12+1 Collection,
A Leading Watch & Jewellery Retailer
Company Structure A Leading Watch & Jewellery Retailer Shareholding: Emperor Group (~53%) Public (~47%) Emperor Watch & Jewellery Limited (887.HK) Revenue Mix: Watch Business (~80%) Jewellery Business
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Company Structure A Leading Watch & Jewellery Retailer Shareholding: Yeung s Family Trust (~53%) Public (~47%) Emperor Watch & Jewellery Limited (887.HK) Revenue Mix: Watch Business (~80%) Jewellery Business
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