♦ Dividend declared. Parkson proposed a final cash dividend of 6 sen per share (tax-exempt) and a distribution of 1 treasury share for every 100 shares held in the company. This translates to an estimated 11.5 sen dividend per share, based on the assumption of PHB’s share price of RM5.49, implying a payout ratio of ~40% and a yield of 2.1%. The combined total dividend payout exceeded our expectation of a 7 sen cash dividend only.
Parkson Holdings Berhad : Improving Prospects For FY06/11 - 26/08/2010
Showing posts with label Parkson Holdings. Show all posts
Showing posts with label Parkson Holdings. Show all posts
Thursday, August 26, 2010
RHB Equity 360° - (KFC, Parkson, Axiata, Gent Plant, Freight, HSL, Fajarbaru, Emas Kiara, IJMC, IJML, IJMP, MCIL, Allianz, MNRB, Lafarge, Wah Seong,..
Visit Note
- KFCH’s original plan was to open 12 outlets in FY2010, although we understand that target is now trimmed to 7 outlets. The reason for the lower target openings is due to the unexpected problems in the renovation of the stores combined with various red tape issues when getting approvals.
RHB Equity 360° - (KFC, Parkson, Axiata, Gent Plant, Freight, HSL, Fajarbaru, Emas Kiara, IJMC, IJML, IJMP,...
- KFCH’s original plan was to open 12 outlets in FY2010, although we understand that target is now trimmed to 7 outlets. The reason for the lower target openings is due to the unexpected problems in the renovation of the stores combined with various red tape issues when getting approvals.
RHB Equity 360° - (KFC, Parkson, Axiata, Gent Plant, Freight, HSL, Fajarbaru, Emas Kiara, IJMC, IJML, IJMP,...
Wednesday, August 25, 2010
Parkson Holdings Berhad : No Surprises - 25/08/2010
•In line. Parkson’s full year FY06/10 core net profit came in within expectations, accounting for 99% and 101% of ours and concensus full year forecasts respectively. Parkson recorded an EI loss of RM29m for employee share option scheme expenses of which RM20m was for Parkson Retail Group and RM9m for Parkson Holdings.
Parkson Holdings Berhad : No Surprises - 25/08/2010
Parkson Holdings Berhad : No Surprises - 25/08/2010
Monday, August 23, 2010
Parkson Holdings Berhad : PRG 2QFY12/10 Results In Line - 23/08/2010
♦ In line. Parkson’s 51.6% subsidiary, Parkson Retail Group (PRG)’s 1HCY12/10 core net profit of RMB544.9m (+17.9% yoy) was within our and consensus expectations, accounting for 47% of our and consensus earnings forecasts. PRG declared a first interim dividend of RMB0.06 per share.
Parkson Holdings Berhad : PRG 2QFY12/10 Results In Line - 23/08/2010
Parkson Holdings Berhad : PRG 2QFY12/10 Results In Line - 23/08/2010
Thursday, August 19, 2010
Parkson Holdings Berhad : Encouraging Growth - 19/08/2010
Whopping 1HCY10 SSS growth for Malaysia. We understand that 1H CY10 Same Store Sales (SSS) growth for Malaysia was at a phenomenal 17%, while the momentum is expected to carry on to the 2H CY10. Together with 1HFY10 SSS growth of 7%, this will bring full year FY06/10 SSS growth to approximately 11-12%, which is a lot higher than
management’s guidance and our forecast of 4-5% and 4% respectively. We are thus adjusting our SSS growth assumption for Malaysia in FY06/10 to 10% (to be on the conservative side), from 4% previously, while we are leaving SSS growth assumptions for FY11-12 unchanged at 5% p.a. With regards to new store openings, Parkson opened 3 stores in FY06/10, which is above our previous assumption of 2 stores
Parkson Holdings Berhad : Encouraging Growth - 19/08/2010
management’s guidance and our forecast of 4-5% and 4% respectively. We are thus adjusting our SSS growth assumption for Malaysia in FY06/10 to 10% (to be on the conservative side), from 4% previously, while we are leaving SSS growth assumptions for FY11-12 unchanged at 5% p.a. With regards to new store openings, Parkson opened 3 stores in FY06/10, which is above our previous assumption of 2 stores
Parkson Holdings Berhad : Encouraging Growth - 19/08/2010
Wednesday, June 16, 2010
RHB Equity 360° - 16 June 2010 (Market, Technology, Adventa, IJM; Technical: Parkson)
Top Story : Benchmarking – Changes to the FBM KLCI weights
Market Update
- Changes to the FBM KLCI will take effect on 21 Jun. Other than the replacement of Nestle with MAS, we note that the free float factor has been adjusted for three stocks: CIMB (from 1.0x to 0.75x), Digi (from 0.4x to 0.75x) and Tanjong (from 0.5x to 0.75x).
- The impact is clearly negative for CIMB, which will drop from 1st place on the top 30 to 3rd. Its index weight will fall from 12.01% to 9.10%. In contrast, Digi’s index weight will rise from 1.74% to 3.29%. Similarly, Tanjong’s index weight will rise from 0.86% to 1.31%.
RHB Equity 360° - 16 June 2010 (Market, Technology, Adventa, IJM; Technical: Parkson)
Market Update
- Changes to the FBM KLCI will take effect on 21 Jun. Other than the replacement of Nestle with MAS, we note that the free float factor has been adjusted for three stocks: CIMB (from 1.0x to 0.75x), Digi (from 0.4x to 0.75x) and Tanjong (from 0.5x to 0.75x).
- The impact is clearly negative for CIMB, which will drop from 1st place on the top 30 to 3rd. Its index weight will fall from 12.01% to 9.10%. In contrast, Digi’s index weight will rise from 1.74% to 3.29%. Similarly, Tanjong’s index weight will rise from 0.86% to 1.31%.
RHB Equity 360° - 16 June 2010 (Market, Technology, Adventa, IJM; Technical: Parkson)
Tuesday, May 25, 2010
Corporate Highlights...-25/05/2010
♦ Media
Sector update : Apr Adex For Print and TV Media Grew 20.8% YoY
♦ WCT
Briefing Note : No Further Provision For Bakun
♦ Hong Leong Bank
Results Note : Stronger Net Profit, But Mainly Due To Low Tax Rate
♦ Star Publications
Results Note : No Surprises
♦ Parkson Holdings
Results Note : On Track To Meet Full Year Forecast
♦ QL Resources
Results Note : Still A Solid Food Package
Corporate Highlights...-25/05/2010
Sector update : Apr Adex For Print and TV Media Grew 20.8% YoY
♦ WCT
Briefing Note : No Further Provision For Bakun
♦ Hong Leong Bank
Results Note : Stronger Net Profit, But Mainly Due To Low Tax Rate
♦ Star Publications
Results Note : No Surprises
♦ Parkson Holdings
Results Note : On Track To Meet Full Year Forecast
♦ QL Resources
Results Note : Still A Solid Food Package
Corporate Highlights...-25/05/2010
RHB Equity 360° (Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Top Story :
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Media – Apr adex for print and tv media grew 20.8% yoy Neutral
Sector Update
Media Prima : Fair value at RM2.55 Outperform
MCIL : Fair value at RM1.09 Outperform
Star : Fair value at RM3.60 Market Perform
Astro : Privatisation set to go through Ceased Coverage
♦ According to Nielsen Media Research, Apr’s gross adex for print and TV media rose 20.8% yoy but was down slightly by 3.8% mom, led by print (+22.2% yoy; -4.7% mom) while TV reported commendable growth of 18.9% yoy (-2.5% mom). We believe this strong yoy growth was mainly due to the low base effect coupled with improving economic conditions. YTD (Jan-Apr), adex growth stood at 31.3% yoy.
♦ Apr’s yoy adex growth for the print media was once again led by the Chinese dailies (+28.6% yoy). The English dailies saw gross adex growth of 24.4% yoy, thanks largely to Star, while for the Malay segment, gross adex grew by 13.9% yoy mainly due Harian Metro and Berita Harian offset by the consecutively weaker adex for Utusan.
♦ Apr was another good month for TV, where gross adex grew by 18.9% yoy. All the FTA TV channels posted stronger yoy growth except for TV1, where adex growth dropped by 19.6% yoy.
♦ We expect adex in 2010 would continue to gain momentum as the global economy recovers. Adex growth would also be supported by “ad-friendly” events such as the 2010 FIFA World Cup, Thomas/Uber Cup and the Commonwealth Games.
♦ Media Prima (FV=RM2.55) remains our preferred pick as we believe adex (especially TV) will be a prime beneficiary of a recovering economy. We maintain our Outperform call on Media Chinese (FV=RM1.09) and Market Perform call on Star (FV=RM3.60). We are ceasing coverage on Astro given that Astro Holdings has received an acceptance level of more than 90% in its general offer to privatise Astro.
♦ Maintain Neutral stance on the sector.
RHB Equity 360°(Media, WCT, Parkson, MBM, QL, HL Bank, Star; Technical: Public Bank) - 25/05/2010
Parkson Holdings Berhad : On Track To Meet Full Year Forecast - 25/05/2010
In line. Parkson’s 9MFY06/10 core net profit of RM238.8m (+14.9%) was in line with our and consensus expectations, accounting for 79% and 78% of our and consensus full year forecasts respectively. In 9M10, Parkson recorded a RM20m one-off share option expense for PRG. The higher core net profit was attributable to:
1) 4.8% yoy revenue growth arising from SSS growth, inclusion of full year contribution from new stores as well as inclusion of new stores opened in 9M10 (China: Lanzhou, Changsu and Shijiazhuang; Malaysia: Kota Bahru, Kota Kinabalu and Kluang; and Vietnam: Ho Chi Minh); and
2) better EBIT margin i.e. +1.0%-pt yoy arising from lower A&P activities following improved operating environment and consumer sentiment. As expected, no dividend was declared during the quarter.
Parkson Holdings Berhad : On Track To Meet Full Year Forecast - 25/05/2010
1) 4.8% yoy revenue growth arising from SSS growth, inclusion of full year contribution from new stores as well as inclusion of new stores opened in 9M10 (China: Lanzhou, Changsu and Shijiazhuang; Malaysia: Kota Bahru, Kota Kinabalu and Kluang; and Vietnam: Ho Chi Minh); and
2) better EBIT margin i.e. +1.0%-pt yoy arising from lower A&P activities following improved operating environment and consumer sentiment. As expected, no dividend was declared during the quarter.
Parkson Holdings Berhad : On Track To Meet Full Year Forecast - 25/05/2010
Wednesday, May 19, 2010
Corporate Highlights - 19/5/2010
♦ Hock Seng Lee
Visit Note : Poised To Top RM500m Orderbook Target In FY12/10
♦ MISC
Briefing Note : VTTI Does Not Come Cheap
♦ Motor
Sector Update : Apr TIV increased 16.8% YoY
♦ M’sian Resources Corp
Results Note : Construction And Property Development Activities Gather Momentum In 1QFY12/10
♦ AEON Co
Results Note : Earnings Impact From 1U Contract Well Buffered
♦ Parkson Holdings
News Update : PRG 1QFY12/10 Results In Line
Corporate Highlights - 19/5/2010
Visit Note : Poised To Top RM500m Orderbook Target In FY12/10
♦ MISC
Briefing Note : VTTI Does Not Come Cheap
♦ Motor
Sector Update : Apr TIV increased 16.8% YoY
♦ M’sian Resources Corp
Results Note : Construction And Property Development Activities Gather Momentum In 1QFY12/10
♦ AEON Co
Results Note : Earnings Impact From 1U Contract Well Buffered
♦ Parkson Holdings
News Update : PRG 1QFY12/10 Results In Line
Corporate Highlights - 19/5/2010
Parkson Holdings Berhad : PRG 1QFY12/10 Results In Line - 19/5/2010
In line. Parkson’s 51.6% subsidiary, Parkson Retail Group (PRG)’s 1QCY12/10 core net profit of RMB310.1m (+19.9%) was within our and consensus expectations, accounting for 27% of our and consensus earnings forecasts. In 1Q10, PRG incurred a one-off employee shareoptions expense amounting to RMB40m, as PRG granted about 16m share options on 1 Mar 10.
Parkson Holdings Berhad : PRG 1QFY12/10 Results In Line - 19/5/2010
Parkson Holdings Berhad : PRG 1QFY12/10 Results In Line - 19/5/2010
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
Visit Note:
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
Tuesday, March 2, 2010
Corporate Highlights - 02/03/2010
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
Corporate Highlights - 02/03/2010
Parkson Holdings Berhad : Better Outlook For 2010 - 02/03/2010
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.
Parkson Holdings Berhad : Better Outlook For 2010 - 02/03/2010
Parkson Holdings Berhad : Better Outlook For 2010 - 02/03/2010