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Results Note – Parkson (REDUCE, maintain) - As expected, 9M14 earnings declined 48% yoy




Affin Hwang Investment Bank Bhd


22 May 2014





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Within our expectations, below street Parkson Holding’s (PHB) 9MFY06/14 revenue inched up by +1.9% yoy to RM2.7bn, backed by better sales performance from its Indonesian operations (revenue up by +8% yoy) and the group’s investment & property division (revenue up by 19% yoy). While topline was marginally higher, PHB faced a sharp increase in operating cost (+13.4% yoy to RM2.5bn), mainly driven by higher rental from new store expansions and staff expenses. Hence, PHB’s EBIT margin fell 9ppts to 9.1%. Coupled with a higher effective tax rate of 41% vis-a-vis 9MFY06/13’s 28.9%, PHB’s core net profit dipped 47% yoy to RM111.4m. Results were within our expectation but grossly below street estimates, accounting for 79% of our but only 66% of street full year estimates.

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