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Flash Note – Parkson (BUY, maintain) - PRA 1QFY13: Within our but below street expectations




Affin Hwang Investment Bank Bhd


08 Nov 2012





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PRA’s 1QFY03/13 core net profit is within our expectation Yesterday evening, PHB’s 67.6%-owned unit Parkson Retail Asia (PRA) reported its 1QFY06/13 financial results. Revenue grew by +7.4% yoy to S$113.9m, driven by: 1) a full year contribution from Indonesia following the completion of the Centro brand acqusition in June 2011; and 2) healthy same store sales (SSS) growth in Malaysia: +5.7% and Indonesia: +8.9%, underpinned by the healthy domestic economic conditions in these countries. However, PRA’s core net profit fell by -16% yoy to S$11.2m dragged down by weak operations in Vietnam. PRA’s Vietnam operations registered negative SSS growth, with revenue and PBT contracting by -6.3% and -56% respectively. As a result, EBIT margin slid by 2.8%-points yoy to 14.7%. Results were broadly in line with our forecast but slightly below consensus expectations, accounting for 22% of our full year estimates but 19% of consensus forecast.

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