SSS targets. Parkson is maintaining its SSS growth target for China of 10-12% yoy for CY10, which is in line with our forecast of 10% growth yoy for CY10. For Malaysia and Vietnam, management targets SSS growth of 3-4% and 15-20% yoy respectively for FY10, which is similar to our projected 4-5% p.a. growth for Malaysia and our 15-18% p.a. growth forecasts for Vietnam. We understand that the overall lower SSS growth for PRG of 7.5% in CY09 (vs. 12.1% in CY08) was mainly due to its Beijing and Shanghai operations (which contribute approximately 23% of total revenue). PRG Bejing’s SSS dropped by 3% yoy while its Shanghai SSS only grew by 2% yoy. Nevertheless, YTD-Feb 10, Parkson highlighted that PRG’s SSS grew by more than 10% yoy.
Corporate Highlights - 02/03/2010
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