Analyst Research Report Snapshot

Title:

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

Price:

$23.00

Provider:

Affin Investment Bank

Date:

08 Nov 2012

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PRKN.KL

Available for Immediate Download
Summary:

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.

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.