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Results Note – Parkson (REDUCE, maintain) - 1HFY06/13: Dragged down by China and Vietnam operations




Affin Hwang Investment Bank Bhd


25 Feb 2013





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1HFY06/13’s SSS growth was much weaker than 1HFY06/12’s 10-16% Parkson Holding’s (PHB) 1HFY06/13 gross sales proceeds (GSP) and revenue increased marginally by +3.6% and +3.8% to RM5.7bn and RM1.8bn respectively, mainly driven by the healthy same-store-sales growth (SSSG) in both Malaysia (+4%) and Indonesia (+7%). Notwithstanding the healthy growth in PHB’s overall GSP and revenue, PHB’s EBIT margin slid -7.9%-points to 17.6%. This is due to a +14.8% yoy jump in the group’s operating cost to RM1.46m on higher rental and staff expenses. Coupled with a higher effective tax rate of 30.1% vis-a-vis 1HFY06/12’s 24.1%, PHB’s core net profit plunged -32% yoy to RM133.3m Results were below both our and street’s estimates, accounting for only 36% of forecasts. (Note that in 1HFY06/12, PHB registered a strong double digit growth in SSS of c.10-16% across its four geographical markets)

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