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Flash Note - Parkson (REDUCE, maintain) - PRA 1HFY06/13: Within our but below consensus




Affin Hwang Investment Bank Bhd


07 Feb 2013





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PRA’s 1HFY06/13 core net profit is within our expectation Yesterday evening, PHB’s 67.6%-owned unit Parkson Retail Asia (PRA) reported its 1HFY06/13 financial results. Gross sales proceeds (GSP) and revenue grew by +5.3% and +4.6% yoy to S$579.9m and S$234m respectively, driven by the healthy same store sales (SSS) growth in Malaysia: (+4.2% yoy) and Indonesia: (+6.7% yoy). The resilient domestic consumer spending in these countries has helped to lift commission from concessionaire sales (yoy: +5.5%) and direct sales (+5.1%). Notwithstanding the healthy topline growth, PRA’s 1HFY06/13 PBT and core net profit fell by -8.5% and -14.8% yoy to S$35.3m and S$24.8m respectively, dragged down by: 1) the frail operations in Vietnam (PRA’s Vietnam operations registered yoy SSS contraction of -7.4% with PBT plunging by -52.5% yoy to S$2.1m), and 2) the high start-up cost from the set-up of its e-commerce business and new stores. As a result, EBIT margin slid by 3.1%-points yoy to 15%. Extrapolated, results were within our forecast but slightly below consensus expectations, accounting for 51% of our full year estimate but 47% of consensus forecast.

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