Analyst Research Report Snapshot

Title:

Results Note – Parkson (REDUCE, downgrade) - Throwing in our towel

Price:

$23.00

Provider:

Affin Investment Bank

Date:

25 Nov 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PRKN.KL

Available for Immediate Download
Summary:

Downgrading PHB to REDUCE with a lower RNAV-derived of RM3.38 We are downgrading Parkson Holdings (PHB) from ADD to REDUCE, as we remain cautious on its earnings outlook, particularly its China operation. In essence, we believe the stiff competition as well as shifting retail trend in China will continue to haunt the demand for PRG's products and hence bottomline. After incorporating a lower cash holdings (from RM280m to RM250m), as the group had utilize RM30m to: 1) pay the deposits for its Cambodia malls; and 2) share buybacks, into our RNAV estimate, and pegging both PRG and PRA valuations with a lower target PER of 16x and 17x respectively (from 18x), our RNAV-derived TP is now lowered from RM3.71 to RM3.38.

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.