Singapore Stock Market News
Parkson Retail Asia - Recovery in progress
StockFanatic
Publish date: Sat, 15 Feb 2014, 01:40 PM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
2Q14 showed continuance of the recovery trends seen in 1Q14. At 57% of our FY14 estimate, 1H14 EPS was in line as 2Q is seasonally stronger. Malaysia did well for a consecutive quarter. Vietnam and Indonesia still face challenges with new stores though it does not sound alarming and merely reflects growing pains. Inflation concerns in PRA's mainstay market, Malaysia, were cited as the key challenge for SSSG but we think PRA's mid- to upper-end target segment will be relatively resilient. We see no reason to be negative on PRA which is trading at 12x FY15 P/E, with net cash of 29.5cts.
We maintain our Add rating and S$1.51 target price (20x FY15 P/E, based on peer average). Potential catalysts include the possible return of capital in FY15.
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