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Company Update – Parkson (REDUCE, maintain) - SSS growth for China and Vietnam remain weak




Affin Hwang Investment Bank Bhd


29 Jan 2013





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Cautious expansion plan on the card Our recent meeting with Parkson’s (PHB) management indicates that further expansion plans are in place for 2013, albeit at a slower pace. To recap, PHB launched 5 new stores in China last year and aims to rollout another 3-4 stores in 2013. We gathered that its 51.5%-owned PRG had actually slowed down its store openings from 8 to 5 last year due to the slowdown in the same-store-sales (SSS) growth. Elsewhere, the group (via 67.6%-owned Parkson Retail Asia, PRA) will be opening 3-4 new stores in Indonesia and 2 new stores in Malaysia (Plaza Merdeka and Paya Bunga in Terrenganu).

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