Listing Date: 28.10.1993
Market: MAIN
Sector: TRADING / SERVICES
Par Value: 1.00
Major Industry: Metal Producers & Products Manufacturers
Sub Industry: Steel Producers - Integrated
Market Cap : 1093615250*6 = 6,561,691,500 (Very Large)
NTA per share : (1881977-1244472)/1080743 = 0.59
P/BV : 6/0.59 = 10.1695
Forecast P/E now : (6-0.06)/0.3015 = 19.7 (High)
ROE : 10.27% (Moderate)
DY : 0.06/6*100 = 1% (Low)
Fixed Asset Turnover(4 years) : (0.4005+0.3959+0.4105+0.3695)/4 = 0.3941 (Low)
Liquidity Ratio : 2912212/2041685 = 1.4264 (Low)
Receivables Collection Period : (358712+391648)/2/(2725450/365) = 50 days (Acceptable)
My Target Price : 5.8+0.06 = 5.86 (EPS 0.3051, PE 19, DPS 0.06)
My Decision : NOT BUY unless price below 5.8
My Comment : Revenue growing in a yearly basic, strong cash, high debt but decreasing, navps increased, number of stores increased, opening a new mall which going to bring in rental income, MIER Consumer Sentiment Index remain high
Technical Support Price : 5.7
Risk Rating : MODERATE
OSK Target Price : 6.64 (26 Aug 10)
Parkson Holdings Berhad is a Malaysia-based investment holding company. The Company, along with its subsidiaries, is principally engaged in the operations of the Parkson brand department stores. The businesses are located in China, Malaysia and Vietnam. The Company has a chain of 86 Parkson department stores, with 35 in Malaysia, 45 in China and 6 in Vietnam. The Company’s subsidiaries include East Crest International Limited, Prime Yield Holdings Limited, PRG Corporation Limited and Sea Coral Limited. On October 9, 2008, East Crest International Limited, a wholly owned subsidiary of the Company, disposed of Jet East Investments Limited. In August 2009, the Company acquired Bond Glory Limited, which is the legal and beneficial owner of the entire equity interest in Choice Link Limited.
My notes based on 2010 quarter 4 report (number in '000):
- On the back of improving operating environment and consumer sentiment coupled with the encouraging same store sales growth, our retail operations were able to deliver favourable results with full year gross sales proceeds increasing by approximately 10%
- Included in the operating profit for the current quarter was a share options expense of RM9 million arising from the share options granted by the Company to its eligible employees. Together with the share options expense recognised by Parkson Retail in the immediate preceding quarter amounting to RM20 million, the Group reported an operating profit of RM759 million for the year under review. Excluding the impact of the share options expenses, on a comparable basis, operating profit improved by about 9% compared with the preceding year
- The Group recorded a seasonally 17.7% lower revenue and 26.9% lower profit before taxation in the current quarter compared with the immediate preceding quarter in the absence of major festive celebration
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate PE on current price 6 = 19.7(DPS 0.06)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2741*1.1 = 0.3015, estimate highest/lowest PE = 18.91/16.42 (DPS 0.05)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2676*1.1 = 0.2944, estimate highest/lowest PE = 20.48/17.15 (DPS 0.05)
PARKSON latest news (English)
PARKSON latest news (Chinese)
MIER Consumer Sentiment Index
| a_date | year | qrt | h_price | l_price | div | roe | c_roe | rev | c_rev | pbt | c_pbt | prof | c_prof | eps | c_eps | asset | liab | mino | equi | cfo | cfi | cff | cash | fcf | net | final | share | c_share | market | date | prof_m | pe | de | navps | vat |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010-08-24 | 2010 | 4 | N/A | N/A | 0.06 | 0.0204 | 0.1027 | 620370 | 2725450 | 152815 | 713138 | 58607 | 295185 | 0.0542 | 0.2741 | 6804815 | 3931891 | 990947 | 2872924 | 920304 | -419119 | -108730 | 1948032 | 501185 | 392455 | 2340487 | 1080743 | 1076970 | 5933279 | 2010-06-30 | 0.2463 | 20.1002 | 1.3686 | 1.74 | 0.2376 |
| 2010-05-24 | 2010 | 3 | 5.75 | 5.0 | - | 0.0308 | 0.0847 | 753897 | 2105080 | 208886 | 560323 | 86129 | 236578 | 0.0796 | 0.2199 | 6918022 | 4125053 | 1026248 | 2792969 | 820140 | -275341 | -41471 | 1943242 | 544799 | 503328 | 2446570 | 1081635 | 1075716 | 5570420 | 2010-03-31 | 0.2771 | - | 1.4769 | 1.63 | 0.2462 |
| 2010-02-23 | 2010 | 2 | 6.08 | 5.1 | - | 0.0297 | 0.0539 | 709319 | 1351183 | 194950 | 351437 | 83027 | 150449 | 0.0773 | 0.1402 | 7165774 | 4373712 | 1001710 | 2792062 | 676669 | -178607 | -41646 | 2037484 | 498062 | 456416 | 2493900 | 1073587 | 1072822 | 5786633 | 2009-12-31 | 0.2748 | - | 1.5665 | 1.67 | 0.2379 |
| 2009-11-16 | 2010 | 1 | 6.2 | 5.09 | - | 0.0243 | 0.0243 | 641864 | 641864 | 156487 | 156487 | 67422 | 67422 | 0.0629 | 0.0629 | 6868252 | 4098020 | 985140 | 2770232 | 383374 | -148173 | 5989 | 2067001 | 235201 | 241190 | 2308191 | 1072056 | 1072056 | 5724779 | 2009-09-30 | 0.2438 | - | 1.4793 | 1.67 | 0.226 |
| 2009-08-26 | 2009 | 4 | 5.51 | 4.96 | 0.05 | 0.1132 | 0.2056 | 574413 | 2583664 | 401159 | 946022 | 303837 | 551999 | 0.2834 | 0.5130 | 6526179 | 3841811 | 934787 | 2684368 | 863931 | -396639 | -350981 | 1977200 | 467292 | 116311 | 2093511 | 1072076 | 1076118 | 5521191 | 2009-06-30 | 0.6984 | 10.0022 | 1.4312 | 1.63 | 0.117 |
| 2009-05-27 | 2009 | 3 | 5.81 | 4.64 | - | 0.0315 | 0.0997 | 703184 | 2009251 | 191370 | 544863 | 78524 | 248162 | 0.0732 | 0.2303 | 6499396 | 4009797 | 969506 | 2489599 | 347503 | -216932 | -231156 | 2041748 | 130571 | -100585 | 1941163 | 1072734 | 1077460 | 5084759 | 2009-03-31 | 0.2721 | - | 1.6106 | 1.42 | 0.2218 |
| 2009-02-25 | 2009 | 2 | 4.8 | 3.28 | - | 0.0474 | 0.0753 | 684923 | 1306067 | 208482 | 353493 | 106834 | 169638 | 0.0993 | 0.1571 | 6256786 | 4004475 | 858559 | 2252311 | 658759 | -188668 | -206017 | 1956764 | 470091 | 264074 | 2220838 | 1076059 | 1079771 | 3572515 | 2008-12-31 | 0.3044 | - | 1.7779 | 1.3 | 0.1943 |
| 2008-11-19 | 2009 | 1 | 4.3 | 3.02 | - | 0.0291 | 0.0291 | 621144 | 621144 | 145011 | 145011 | 62804 | 62804 | 0.0580 | 0.0580 | 5922319 | 3767003 | 827659 | 2155316 | 221831 | -97380 | -133365 | 1936829 | 124451 | -8914 | 1927915 | 1083484 | 1083484 | 3553827 | 2008-09-30 | 0.2335 | - | 1.7478 | 1.23 | 0.2172 |
| 2008-08-27 | 2008 | 4 | 4.76 | 2.55 | 0.05 | 0.0281 | 0.2324 | 510075 | 2242297 | 127838 | 775413 | 55956 | 462834 | 0.0513 | 0.4234 | 5462982 | 3471618 | 741870 | 1991364 | 628765 | -192750 | -137229 | 1541295 | 436015 | 298786 | 1840081 | 1091378 | 1093055 | 4823890 | 2008-06-30 | 0.2506 | 10.4225 | 1.7433 | 1.14 | 0.2165 |
| 2008-05-28 | 2008 | 3 | 6.45 | 4.24 | 0.05 | 0.1638 | 0.2218 | 634534 | 1732222 | 393272 | 647575 | 300483 | 406878 | 0.2748 | 0.3828 | 5451495 | 3617115 | 717969 | 1834380 | 680435 | -158207 | 6468 | 1479202 | 522228 | 528696 | 2007898 | 1093610 | 1062774 | 6999104 | 2008-03-31 | 0.6198 | - | 1.9718 | 1.02 | 0.0882 |
| 2008-02-25 | 2008 | 2 | 7.9 | 5.05 | 0.05 | 0.0472 | 0.0761 | 608572 | 1097688 | 154968 | 254303 | 66043 | 106395 | 0.0604 | 0.1024 | 5152444 | 3753646 | 648367 | 1398798 | 540036 | -135401 | 37442 | 1475178 | 404635 | 442077 | 1917255 | 1093610 | 1039262 | 7655270 | 2007-12-31 | 0.2546 | - | 2.6835 | 0.69 | 0.2378 |
| 2007-11-28 | 2008 | 1 | 10.1 | 6.95 | - | 0.0308 | 0.0308 | 489116 | 489116 | 99335 | 99335 | 40352 | 40352 | 0.0410 | 0.0410 | 4865129 | 3555616 | 610780 | 1309513 | 236507 | -33803 | 52340 | 1475468 | 202704 | 255044 | 1730512 | 984914 | 984914 | 7977803 | 2007-09-30 | 0.2031 | - | 2.7152 | 0.71 | 0.2343 |
| 2007-08-27 | 2007 | 4 | 9.55 | 7.4 | - | 0.0071 | 0.1129 | 449839 | 1794136 | 67133 | 388760 | 8437 | 134870 | 0.0087 | 0.1392 | 4856082 | 3661423 | 573347 | 1194659 | 307380 | -1301219 | 1597299 | 871113 | -993839 | 603460 | 1474573 | 968610 | 968610 | 1356054 | 2006-06-30 | 0.1492 | 10.0545 | 3.0648 | 0.64 | 0.35 |
| 2007-05-21 | 2007 | 3 | N/A | N/A | - | 0.6129 | 1.6355 | 488861 | 1344297 | 115531 | 321627 | 47383 | 126433 | 0.0489 | 0.1305 | 370168 | 292862 | 15628 | 77306 | 406268 | -947957 | 1225224 | 871113 | -541689 | 683535 | 1554648 | 968610 | 968610 | 1336681 | 2007-03-31 | 0.2363 | - | 3.7883 | 0.06 | 0.2326 |
| 2007-02-26 | 2007 | 2 | N/A | N/A | - | 0.7361 | 1.0279 | 467003 | 855436 | 129952 | 206096 | 56613 | 79050 | 0.0584 | 0.0816 | 319658 | 242752 | 15425 | 76906 | 420079 | -949053 | 1319550 | 871113 | -528974 | 790576 | 1661689 | 968610 | 968610 | 1084843 | 2006-12-31 | 0.2783 | - | 3.1565 | 0.06 | 0.2565 |
| year | qrt | Deferred tax assets (A-0) | Goodwill on consolidation (A-0) | Intangible assets (A-0) | Investment in associated companies (A-0) | Investment properties (A-0) | Other assets (A-0) | Other investments (A-0) | Prepaid lease payments (A-0) | Property, plant and equipment (A-0) | Cash and cash equivalents (A-1) | Current asset classified as held for sales (A-1) | Inventories (A-1) | Other receivables (A-1) | Trade receivables (A-1) | Deferred tax liabilities (L-0) | Loans & borrowings (L-0) | Long term payables (L-0) | Current tax liabilities (L-1) | Liabilities directly associated with assets classified as held for sale (L-1) | Loans & borrowings (L-1) | Payables and accruals (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 4 | 35444 | - | 1244472 | 1152 | 31671 | 37075 | 651120 | 360655 | 1531014 | 2340487 | - | 213013 | 358712 | - | 123562 | 1695796 | 70848 | 41129 | - | 328216 | - | 1672340 | 990947 |
| 2010 | 3 | 31828 | - | 1181978 | 1121 | 85882 | - | 651783 | 307000 | 1507960 | 2446570 | - | 217052 | 486848 | - | 125068 | 1296337 | 69052 | 62673 | - | 678089 | - | 1893834 | 1026248 |
| 2010 | 2 | 32407 | - | 1234000 | 1120 | 90853 | 43286 | 685696 | 321484 | 1560977 | 2493900 | - | 212958 | 489093 | - | 131639 | 1362876 | 71871 | 47204 | - | 697519 | - | 2062603 | 1001710 |
| 2010 | 1 | 35186 | - | 1204482 | 1101 | 114679 | 529600 | 695337 | 327536 | 979436 | 2308191 | - | 224192 | 448512 | - | 131714 | 1858985 | 71778 | 47481 | - | 223119 | - | 1764943 | 985140 |
| 2009 | 4 | 33687 | - | 1216807 | 1089 | 116663 | 427810 | 703557 | 333467 | 993675 | 2093511 | - | 214265 | 391648 | - | 136306 | 2106810 | 72403 | 34620 | - | 317 | - | 1491355 | 934787 |
| 2009 | 3 | 38019 | - | 1264041 | 1487 | 122159 | 92468 | 729398 | 323244 | 957110 | 1941163 | - | 223025 | 807282 | - | 134485 | 2105183 | 68107 | 55351 | - | 11142 | 716770 | 918759 | 969506 |
| 2009 | 2 | 36863 | - | 1214338 | 1273 | 117309 | 82565 | 696317 | 314252 | 929267 | 2220838 | - | 247296 | 396468 | - | 130199 | 2030634 | 64033 | 53578 | - | 13718 | 727535 | 984778 | 858559 |
| 2009 | 1 | 39798 | - | 1163476 | 1279 | 116542 | 88798 | 686202 | 313404 | 889899 | 1927915 | - | 243657 | 451349 | - | 126346 | 2046043 | 71644 | 46940 | - | 15703 | 644293 | 816034 | 827659 |
| 2008 | 4 | 36184 | - | 1019607 | 1145 | 111053 | 139138 | 654093 | 303055 | 835294 | 1840081 | - | 237804 | 285528 | - | 120384 | 1955819 | 68586 | 47221 | - | 13259 | 591109 | 675240 | 741870 |
| 2008 | 3 | 32679 | - | 929771 | 1247 | 107035 | 172799 | 640714 | 230602 | 818353 | 2007898 | - | 215354 | 280560 | 14483 | 96385 | 2104058 | 43812 | 53975 | - | 40702 | 476737 | 801446 | 717969 |
| 2008 | 2 | 30196 | - | 932380 | 1066 | 107187 | 183335 | 663996 | 216013 | 585238 | 1917255 | - | 218101 | 280638 | 17039 | 97800 | 2183393 | 43444 | 57880 | - | 52791 | 473429 | 844909 | 648367 |
| 2008 | 1 | 31261 | - | 889933 | 855 | 108287 | 159816 | 682130 | 219066 | 547979 | 1730512 | 2249 | 220522 | 260005 | 12514 | 102894 | 2211332 | 43216 | 34032 | - | 51973 | 441058 | 671111 | 610780 |
| 2007 | 4 | 30825 | - | 890234 | 1029 | 108192 | 118176 | 691026 | 218873 | 524988 | 1481952 | 328229 | 210557 | 241097 | 10904 | 103078 | 2223793 | 44248 | 35988 | 260130 | 55643 | 356450 | 582093 | 573347 |
| 2007 | 3 | 1383 | 3 | - | 95557 | - | - | 996 | - | 38461 | 5443 | 13812 | 144662 | 4234 | 65617 | 191 | 4479 | 1883 | 3 | - | 113263 | 49717 | 123326 | 15628 |
| 2007 | 2 | 1383 | 3 | - | 96094 | - | - | 996 | - | 39106 | 2007 | 13812 | 107787 | 3968 | 54502 | 191 | 5187 | 1886 | 3 | - | 111456 | 51529 | 72500 | 15425 |
| year | qrt | Revenue | Income tax expense | Finance/interest costs | Other income/expenses | Administrative/Operating expenses | Minority interest | Finance/interest income | Share of profit/ (loss) of associates | Discontinued operation | After tax effect of interest savings on RCSLS | Gain on dilution of retail operations |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 4 | 620370 | -36306 | -41369 | 83758 | -539839 | -57902 | 27181 | 28 | - | 2686 | - |
| 2010 | 3 | 753897 | -51434 | -42165 | 67398 | -603394 | -71323 | 30437 | 56 | - | 2657 | - |
| 2010 | 2 | 709319 | -46387 | -46597 | 66006 | -567691 | -65536 | 31153 | 44 | - | 2716 | - |
| 2010 | 1 | 641864 | -35367 | -41004 | 60808 | -533235 | -53698 | 25313 | 25 | - | 2716 | - |
| 2009 | 4 | 574413 | -46944 | -45798 | 68725 | -471422 | -50378 | 27470 | 78 | - | 2647 | 245046 |
| 2009 | 3 | 703184 | -42448 | -46076 | 68464 | -568745 | -70398 | 31796 | 158 | - | 2589 | 0 |
| 2009 | 2 | 684923 | -40500 | -48211 | 65811 | -560486 | -61148 | 30931 | 393 | - | 2651 | 32470 |
| 2009 | 1 | 621144 | -31490 | -11801 | 54707 | -521753 | -50717 | - | 72 | - | 2642 | - |
| 2008 | 4 | 510075 | -27677 | -41526 | 85073 | -477623 | -44205 | 32311 | -152 | -2 | 3237 | 16445 |
| 2008 | 3 | 634534 | -34701 | -47190 | 52651 | -517166 | -58088 | 33303 | 178 | 0 | 5375 | 231587 |
| 2008 | 2 | 608572 | -36855 | -46699 | 48782 | -496153 | -52070 | 34674 | 211 | 0 | 5581 | - |
| 2008 | 1 | 489116 | -23272 | -11656 | 40925 | -418018 | -35711 | - | 8 | -1707 | 667 | - |
| 2007 | 4 | 449839 | -23495 | -39304 | 59060 | -421038 | -35201 | 29507 | 15 | -10946 | - | - |
| 2007 | 3 | 488861 | -26876 | -34491 | 40711 | -406474 | -41272 | 24809 | 10 | 2105 | - | - |
| 2007 | 2 | 467003 | -33332 | -19211 | 50944 | -389649 | -40007 | 16862 | 49 | 3954 | - | - |
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