Analyst Research Report Snapshot

Title:

Flash Note – Parkson (REDUCE, maintain) - PRA 9MFY06/13: Within our but below consensus

Price:

$23.00

Provider:

Affin Investment Bank

Date:

09 May 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PRKN.KL

Available for Immediate Download
Summary:

PRA’s 9MFY06/13 core net profit is within our expectation Yesterday evening, Parkson Holding’s (PHB) 67.6%-owned unit Parkson Retail Asia (PRA) reported its 9MFY06/13 financial results. Gross sales proceeds (GSP) and revenue grew by +6% and +8.2% yoy to S$860.3m and S$334.2m respectively, driven by healthy YTD same store sales (SSS) growth in Malaysia: (+5.6% yoy) and Indonesia: (+4.9% yoy). The resilient domestic consumer spending in these countries has helped to lift commission from concessionaire sales (yoy: +7.1%) and direct sales (+2.9%). Notwithstanding the healthy topline growth, PRA’s 9MFY06/13 PBT and net profit fell by -5.3% and -7.5% to S$49.3m and S$33.7m respectively, dragged down by: 1) the frail operations in Vietnam (PRA’s Vietnam operations registered YTD SSS contraction of -1.3% with PBT plunging by -35.6% yoy to S$3.5m), and 2) the high start-up costs from the set-up of its e-commerce business, and high brand building expenses. As a result, EBIT margin slid by -1.35%-points yoy to 5%. Results were within our forecast but below consensus expectations, accounting for 71% of our full year estimate but 65% 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.