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Results Note – Parkson (ADD, upgrade) - Below expectations; dragged down by China operations




Affin Hwang Investment Bank Bhd


27 May 2013





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9MFY06/13 core earnings plunged -29.5% yoy to RM210m Parkson Holding’s (PHB) 9MFY06/13 revenue increased marginally by +3% yoy to RM2.7bn, mainly driven by healthy same-store-sales growth (SSSG) in both Malaysia (+5%) and Indonesia (+6%). The marginal revenue growth was however offset by a sharp increase (+13% yoy to RM2.2bn) in operating cost mainly due to higher rental and staff expenses, PHB’s EBIT margin slid -7.3%-points to 18.2%. Coupled with a higher effective tax rate of 29% vis-a-vis 9MFY06/12’s 24.5%, PHB’s core net profit plunged -29.5% yoy to RM210.2m Results were below both our and street estimates, accounting for only 57% and 62% of forecasts.

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