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Corporate Princess 4 : Natalie Cheng and sibings 企 业 公 主 系 列 4 : 钟 惠 严 姐 妹
http://aseantradinglink.blogspot.com/2013/08/corporate-princess-4-natalie-cheng-and.html
great biz .. KIV
More to come from Indonesia (CIMB)
Growth in Indonesia will ramp up in FY14, driven by the launch of the first ‘Parkson’ branded department stores. The larger store network will also boost margins and same-store sales growth (SSSG). However, earnings are unlikely to excite in the near-term.
We resume coverage on Parkson Retail Asia (PRA) with an Outperform call. Our S$1.88 target price is based on 22x CY14 P/E (vs. previous 20x), which is on par with the average of department store retailers. The stock’s catalysts are earnings delivery in Indonesia, a turnaround in Vietnam and higher-than-expected SSSG.
Growth to ramp up in Indonesia
PRA’s expansion in Indonesia will ramp up with the launch of ‘Parkson’ branded department stores. The company has operated department stores under the acquired ‘Centro’ brand for the past two years. The group’s retail space is expected to increase by 57% in FY14, which is the highest in all its key markets. Despite the presence of a powerful incumbent, MAPI, in the mid-to upper-middle class segment in which PRA will compete, we are positive on its execution capability. We think that MAPI will probably become PRA’s concessionaire, which will benefit PRA as MAPI has the exclusive distribution rights for more than 100 international brands.
Profitability is also expected to rise, thanks to cost savings that will accrue from a larger store network.
Near-term earnings unlikely to excite
Near-term earnings are likely to be depressed by 1) a depreciating rupiah 2) a downturn in Vietnam 3) drop in consumer spending in Malaysia from the uncertainty caused by the election in 4Q. However, things appear to be picking up. Our strategists expect the rupiah to stabilise this year, and Vietnam SSSG is expected to be flat in FY13.
Consensus too high
We think that consensus’ sales estimates are too optimistic and require that 1) all new stores will be opened at the start of FY14, and 2) new store sales will immediately reach the level of mature stores. Maintain Outperform on solid SSSG outlook and earnings delivery from new retail space across Malaysia and Indonesia.
Parkson Retail Asia
COMPANY NOTE
PRA SP / PRAL.SI
Current
S$1.60
SHORT TERM (3 MTH)
LONG TERM
Market Cap
Avg Daily Turnover
Free Float
Target
S$1.88
US$854.2m
US$0.11m
25.0%
Prev. Target
S$1.75
S$1,084m
S$0.14m
597.3 m shares
Up/Downside
17.4%
Conviction|
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is this the Parkson Retail?
cant seem to find any information of this stock on google.
It a happy and profiting day for many...
| Parkson | Op-1.050 | Cls-1.130 | Vol-35,566,000 | 1,361,000 | 1.130 | 1.140 | 6,000 | Hi-1.180 | Lo-1.045 |
teeth53 ( Date: 03-Nov-2011 09:22) Posted:
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HSBC Spore is the sole global coordinator and issue manager for the offering. The joint bookrunners and underwriters are HSBC Singapore and CIMB Securities
It Opens 12% above its IPO price on its debut. at S$1.05 a share, 12% above its initial public offer price of $0.94.
The spinoff of Malaysian-listed retailer Parkson Holdings raised S$148.7m in its IPO, which priced last week. Parkson's offer was 1.1-times subscribed, with 136.2 million shares sold in an international placement and 10.9m sold in a public offer. The offer also featured a 15% overallotment option, all of which was allocated to the placement.
The group will use the proceeds of the offering to open new stores in Malaysia, Indonesia, Vietnam and Cambodia and for IT investment and maintenance capital expenditure.
Juzztrade ( Date: 03-Nov-2011 13:18) Posted:
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Aiyo !!! teeth53,
You have been in this forum since 2007...
Still going strong huh...
Best Rgds.
teeth53 ( Date: 03-Nov-2011 13:13) Posted:
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It now trading into mid-after noon...
| Parkson | Op-1.050 | Cls-1.175 | Vol-26,760,000 | 27,000 | 1.170 | 1.175 | 83,000 | Hi-1.180 | Lo-1.045 |