Singapore Stock Market News
Parkson Retail Asia - Growth, interrupted
StockFanatic
Publish date: Fri, 09 Nov 2012, 09:50 AM
StockFanatic
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Malaysia and Indonesia SSSG were slightly softer than expected, but
Vietnam was significantly worse, while overall expenses were high.
FY13 guidance is reduced but we will stay invested as regional
expansion continues with its first Myanmar store opening by Apr 2013.
1Q EPS came in below expectations at
21% of our and 20% of consensus'
FY13 forecasts. We reduce our
FY13-15 EPS estimates by 10-11% to
reflect weaknesses in Vietnam which
are proving deeper than expected.
Maintain Outperform and price target,
however, as we roll forward to CY14
EPS assuming 19x P/E (vs. prior 20x),
within the historical average range.
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