KLCI Stock - PARKSON / 5657 - 2012 Quarter 4

PARKSON HOLDINGS BERHAD


Company Description

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.

Company Info

Listing Date	1993-10-28
Market Capital (Capital Size)	5,305,424,942 (Very Large)
Par Value	RM 1.00
Board	Main
Sector	Trading/Services
Major Industry	Retailing
Sub Industry	Investment Holding
Website	http://www.lion.com.my/WebCorp/phb.nsf/Intro

My Analysis

Forecast P/E now	(4.85-0.16)/0.4256 = 11.02 (Moderate)
Target Price	5.11+0.16 = 5.27 (PE 12.0, EPS 0.4256, DPS 0.16)
Decision	BUY when stock price drop and rebound around SMA20
Comment	Revenue decreased 10% but higher than preceding year corresponding quarter 16.3%, eps decreased 24% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 6.6%, cash generated from operating is more than enough to cover financing expenses and got borrowings to cover all investing expenses, operating margin was fifth consecutive quarter drop, liquidity ratio indicate the Group in a good position to meet current obligation but sitting too many cash, gearing ratio indicate the Group reduce leverage which can be a signal of business weakening, benefit from long payables repayment period which conserve cash, benefit from short inventory and short receivable turnover period which got more cash, all country recorded lower profit
First Support Price	4.8
Second Support Price	4.6
Risk Rating	MODERATE

Research House

RHB Target Price	4.95 (2012-08-27)
Kenanga Target Price	4.86 (2012-08-28)
ECM Target Price	4.35 (2012-09-04)
HwangDBS Target Price	4.9 (2012-09-04)
Maybank Target Price	4.9 (2012-09-04)
OSK Target Price	5.42 (2012-09-04)
AMMB Target Price	6.3 (2012-09-14)
Public Target Price	5.73 (2012-10-01)

Accounting Ratio

Return on Equity	11.12%
Dividend Yield	3.30%
Operating Profit Margin	23.67%
Net Profit Margin	22.05%
Tax Rate	24.83%
Asset Turnover	0.4427
Net Asset Value Per Share	2.46
Net Tangible Asset per share	1.26
Price/Net Tangible Asset Per Share	3.71
Cash Per Share	2.79
Liquidity Current Ratio	1.8607
Liquidity Quick Ratio	1.7258
Liquidity Cash Ratio	1.4513
Gearing Debt to Equity Ratio	1.3327
Gearing Debt to Asset Ratio	0.4587
Working capital per thousand Ringgit sale	52.1%
Days to sell the inventory	42
Days to collect the receivables	61
Days to pay the payables	301

Technical Analysis

SMA 10	4.763 (Uptrend)
SMA 20	4.746 (Uptrend 1 day)
SMA 50	4.704 (Uptrend)
SMA 100	4.695 (Uptrend)
SMA 200	5.005 (Downtrend)
MACD (26d/12d)	0.024246 ( 0.005934 )
Signal (9)	0.016772 ( 0.001869 )
MACD Histogram	0.007474 (Bullish trend 5 days)
Bolinger Upper Band	4.835
Bolinger Lower Band	4.657

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q4 mainly due to continued same store sales growth in all our retail operations in Malaysia (9%), China (6%) and Vietnam (9%) and the inclusion of our Indonesia operation which was acquired in June 2011, the Retailing Division and KL Festival City, the Group's first local self-owned and managed retail mall, has consistently delivered steady and sustainable returns since its opening in October 2011. Increasing occupancy rate and better operating efficiencies of the retail mall together with the foreign exchange gain have enabled the Property and Investment Holding Division to register a commendable revenue of RM20.2 million

- Lower revenue and pbt than FY12Q3 mainly due to absence of major festive celebration as against the peak season for retail operations during the Lunar New Year festival in the immediate preceding quarter

- Estimate next 4Q eps after 2012 Q4 result announced = 4215218*0.11/1089544 = 0.4256, estimate PE on current price 4.85 = 11.02(DPS 0.16)
- Estimate next 4Q eps after 2012 Q3 result announced = 4138772*0.11/1089045 = 0.418, estimate highest/lowest PE = 11.36/9.9 (DPS 0.16)
- Estimate next 4Q eps after 2012 Q2 result announced = 4075325*0.11/1089544 = 0.4114, estimate highest/lowest PE = 13.47/10.94 (DPS 0.15)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.3308*1.1 = 0.3639, estimate highest/lowest PE = 15.88/14.4 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.32*1.1 = 0.352, estimate highest/lowest PE = 16.08/13.41 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3094*1.1 = 0.3403(0.3094 from recent fourth quarter eps), estimate highest/lowest PE = 22.25/14.66 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1587*2*1.05 = 0.3333, estimate highest/lowest PE = 17.19/15.09 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate highest/lowest PE = 19.24/17.38 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (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

MYR/CNY Chart

Financial Quarter Summary

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	c_asset	liab	c_liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	oper_m	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2012-08-27	2012	4	N/A	N/A	-	2.30%	11.12%	826505	3447524	182241	882363	77713	376085	0.0715	0.3456	7787116	3886133	3571898	2088508	1535029	4215218	901516	565389	213685	2908429	336127	122442	3030871	1086436	1088217	5073656	2012-06-30	23.67%	22.05%	24.83%	0.4427	13.5128	2.46	1.26	3.71	2.79	1.8607	1.7258	1.4513	1.3327	0.4587	52.1%	42	61	301
2012-05-22	2012	3	4.91	4.3	0.06	3.03%	8.82%	918206	2621019	249815	700122	102360	298372	0.0941	0.2740	7741453	3957759	3602681	2183650	1510283	4138772	854156	500809	57622	2832554	353347	295725	3128279	1088058	1089045	5102992	2012-03-31	28.67%	27.21%	25.21%	0.4304	-	2.41	1.24	3.78	2.88	1.8125	1.6825	1.4326	1.3706	0.4654	53.2%	44	60	327
2012-02-27	2012	2	5.69	4.65	-	3.12%	5.79%	911182	1702813	240043	450307	105723	196012	0.0971	0.1799	8192368	4321872	4117043	2669275	1478710	4075325	1016294	422734	64208	2919426	593560	529352	3448778	1088305	1089544	6072741	2011-12-31	29.18%	26.34%	22.26%	0.3924	-	2.38	1.18	4.73	3.17	1.6191	1.5075	1.292	1.5855	0.5025	51.4%	49	65	429
2011-11-23	2012	1	5.93	5.39	0.1	2.67%	2.67%	791631	791631	210264	210264	90289	90289	0.0828	0.0828	8203776	4603261	4433545	3443385	1318104	3770231	356548	87637	5375	2921842	268911	263536	3185378	1090784	1090784	6162929	2011-09-30	31.03%	26.56%	26.20%	0.373	-	2.25	1.04	5.43	2.92	1.3368	1.0715	0.9251	1.808	0.5404	37.9%	163	60	377
2011-08-23	2011	4	5.82	4.88	0.05	2.55%	12.18%	710892	2925082	185652	806841	73242	349978	0.0671	0.3222	7270943	3941082	3887578	2939056	1147275	3383365	757031	182597	47723	2211464	574434	526711	2738175	1091076	1086092	6110025	2011-06-30	31.23%	26.12%	27.98%	0.4023	17.3786	2.06	0.92	6.09	2.51	1.3409	1.0515	0.9325	1.7386	0.5347	34.3%	159	44	318
2011-05-25	2011	3	7.73	5.15	-	3.66%	9.63%	801325	2214190	246258	621189	105172	276736	0.0964	0.2552	7428817	4239968	4181426	3229746	1106332	3247391	873776	123695	30872	2191755	750081	780953	2972708	1090869	1084445	6337948	2011-03-31	35.23%	30.73%	24.92%	0.3816	-	1.97	0.85	6.84	2.73	1.3128	1.0522	0.9204	1.953	0.5629	35.6%	162	55	378
2011-02-22	2011	2	5.89	5.19	-	3.26%	5.97%	756380	1412865	204997	374931	93800	171564	0.0867	0.1587	7431255	4229700	4331445	3365531	1038032	3099810	773743	76039	52980	2218639	697704	750684	2969323	1082277	1081305	5909232	2010-12-31	34.37%	27.10%	23.08%	0.3751	-	1.91	0.78	7.0	2.74	1.2568	1.0019	0.8823	2.1008	0.5829	31.0%	167	53	401
2010-11-15	2011	1	5.95	5.39	0.1	2.71%	2.71%	656485	656485	169934	169934	77764	77764	0.0720	0.0720	6905893	3722660	3775825	1966803	1001408	3130068	357361	77880	3033	2195698	279481	282514	2478212	1080334	1080334	6222723	2010-09-30	31.55%	25.89%	22.37%	0.3968	-	1.97	0.85	6.78	2.29	1.8927	1.4619	1.26	1.7738	0.5468	64.1%	167	53	360
2010-08-24	2010	4	6.14	5.41	0.06	2.18%	11.00%	620370	2725450	152815	713138	58607	295185	0.0542	0.2741	6738501	3496649	3864863	1973625	990957	2873638	855208	420707	108731	1948032	434501	325770	2273802	1080743	1076970	5933279	2010-06-30	30.86%	24.63%	23.76%	0.4045	20.03	1.75	0.59	9.31	2.1	1.7717	1.3338	1.1521	2.0529	0.5735	55.9%	170	48	316
2010-05-24	2010	3	5.75	5.0	-	3.21%	8.81%	753897	2105080	208886	560323	86129	236578	0.0796	0.2199	6918022	3802253	4125053	2634596	1026248	2792969	820140	275341	41471	1943242	544799	503328	2446570	1081635	1075716	5570420	2010-03-31	32.94%	27.71%	24.62%	0.3873	-	1.64	0.54	9.54	2.26	1.4432	1.1134	0.9286	2.3349	0.5963	43.6%	176	66	384
2010-02-23	2010	2	6.08	5.1	-	3.09%	5.60%	709319	1351183	194950	351437	83027	150449	0.0773	0.1402	7165774	3881647	4373712	2807326	1001710	2792062	676669	178607	41646	2037484	498062	456416	2493900	1073587	1072822	5786633	2009-12-31	33.66%	27.48%	23.79%	0.3669	-	1.67	0.52	10.37	2.32	1.3827	1.0626	0.8884	2.4429	0.6104	40.9%	186	68	427
2009-11-16	2010	1	6.2	5.09	-	2.51%	2.51%	641864	641864	156487	156487	67422	67422	0.0629	0.0629	6868252	3676232	4098020	2035543	985140	2770232	383374	148173	5989	2067001	235201	241190	2308191	1072056	1072056	5724779	2009-09-30	30.34%	24.38%	22.60%	0.3792	-	1.67	0.54	9.89	2.15	1.806	1.3543	1.1339	2.2957	0.5967	63.0%	191	63	367
2009-08-26	2009	4	5.51	4.96	0.05	15.26%	27.72%	574413	2583664	401159	946022	303837	551999	0.2834	0.5130	6526179	3402981	3841811	1526292	934787	2684368	863931	396639	350981	1977200	467292	116311	2093511	1072076	1076118	5521191	2009-06-30	34.68%	69.84%	11.70%	0.3959	10.0399	1.63	0.5	10.3	1.95	2.2296	1.6282	1.3716	2.1958	0.5887	72.6%	189	55	307
2009-05-27	2009	3	5.81	4.64	-	3.94%	12.46%	703184	2009251	191370	544863	78524	248162	0.0732	0.2303	6499396	3700868	4009797	1702022	969506	2489599	347503	216932	231156	2041748	130571	100585	1941163	1072734	1077460	5084759	2009-03-31	33.38%	27.21%	22.18%	0.3876	-	1.41	0.24	19.75	1.81	2.1744	1.6148	1.1405	2.6379	0.6169	79.3%	198	117	339
2009-02-25	2009	2	4.8	3.28	-	5.36%	8.52%	684923	1306067	208482	353493	106834	169638	0.0993	0.1571	6256786	3560919	4004475	1779609	858559	2252311	658759	188668	206017	1956764	470091	264074	2220838	1076059	1079771	3572515	2008-12-31	32.29%	30.44%	19.43%	0.3917	-	1.29	0.17	19.53	2.06	2.001	1.4707	1.2479	2.8732	0.64	72.7%	200	59	363
2008-11-19	2009	1	4.3	3.02	-	3.15%	3.15%	621144	621144	145011	145011	62804	62804	0.0580	0.0580	5922319	3309123	3767003	1522970	827659	2155316	221831	97380	133365	1936829	124451	8914	1927915	1083484	1083484	3553827	2008-09-30	24.81%	23.35%	21.72%	0.4009	-	1.23	0.15	21.87	1.78	2.1728	1.5623	1.2659	2.8373	0.6361	75.2%	203	69	319
2008-08-27	2008	4	4.76	2.55	0.05	4.68%	38.74%	510075	2242297	127838	775413	55956	462834	0.0513	0.4234	5462982	3017506	3471618	1326829	741870	1991364	628765	192750	137229	1541295	436015	298786	1840081	1091378	1093055	4823890	2008-06-30	29.38%	25.06%	21.65%	0.4105	10.4385	1.14	0.21	21.05	1.69	2.2742	1.602	1.3868	2.7784	0.6355	75.4%	206	46	292
2008-05-28	2008	3	6.45	4.24	0.05	25.15%	34.06%	634534	1732222	393272	647575	300483	406878	0.2748	0.3828	5451495	3159009	3617115	1372860	717969	1834380	680435	158207	6468	1479202	522228	528696	2007898	1093610	1062774	6999104	2008-03-31	32.04%	61.98%	8.82%	0.4003	-	1.05	0.18	35.56	1.84	2.301	1.6775	1.4626	3.2399	0.6635	81.9%	201	49	300
2008-02-25	2008	2	7.9	5.05	0.05	5.53%	8.91%	608572	1097688	154968	254303	66043	106395	0.0604	0.1024	5152444	3097029	3753646	1429009	648367	1398798	540036	135401	37442	1475178	404635	442077	1917255	1093610	1039262	7655270	2007-12-31	32.19%	25.46%	23.78%	0.3952	-	0.72	-0.18	-38.89	1.75	2.1673	1.55	1.3417	5.002	0.7285	81.9%	220	53	329
2007-11-28	2008	1	10.1	6.95	-	3.38%	3.38%	489116	489116	99335	99335	40352	40352	0.0410	0.0410	4865129	2907932	3555616	1198174	610780	1309513	236507	33803	52340	1475468	202704	255044	1730512	984914	984914	7977803	2007-09-30	22.90%	20.31%	23.43%	0.3895	-	0.71	-0.19	-42.63	1.76	2.427	1.6736	1.4443	5.0887	0.7308	90.2%	240	52	296
2007-08-27	2007	4	9.55	7.4	-	N/A	N/A	449839	1794136	67133	388760	8437	134870	0.0087	0.1392	4856082	2963765	3661423	1290304	573347	1194659	307380	1301219	1597299	871113	993839	603460	1474573	968610	968610	1356054	2006-06-30	26.09%	14.92%	35.00%	0.2895	10.0545	0.64	-0.28	-5.0	1.53	2.297	1.5982	1.1485	5.8931	0.754	119.0%	331	65	344
2007-05-21	2007	3	N/A	N/A	-	N/A	N/A	488861	1344297	115531	321627	47383	126433	0.0489	0.1305	370168	234764	292862	286309	15628	77306	406268	947957	1225224	871113	541689	683535	1554648	968610	968610	1336681	2007-03-31	30.26%	23.63%	23.26%	2.5822	-	0.06	0.06	23.0	0.01	0.82	0.3112	0.019	4.7482	0.7912	-5.4%	80	27	95
2007-02-26	2007	2	N/A	N/A	-	N/A	N/A	467003	855436	129952	206096	56613	79050	0.0584	0.0816	319658	183072	242752	235488	15425	76906	420079	949053	1319550	871113	528974	790576	1661689	968610	968610	1084843	2006-12-31	31.08%	27.83%	25.65%	1.4609	-	0.06	0.06	18.67	N/A	0.7774	0.3155	0.0085	3.9484	0.7594	-11.2%	-	46	N/A

Financial Quarter Balance Sheet

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Investment securities (A-0)	Leasehold land use rights (A-0)	Other assets (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)	Investment securities (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)	Other payables (L-1)	Payables and accruals (L-1)	Minority interest (M-1)
2012	4	61696	1309482	1163	171855	43415	281737	311453	1720182	3031011	-	281720	-	573402	-	117206	1260619	105565	45096	-	172	2043240	-	1535029
2012	3	48428	1278578	1106	184310	44149	276076	297941	1653106	3128279	-	283730	-	545750	-	112800	1220477	85754	88788	-	36	2094826	-	1510283
2012	2	44816	1314339	1109	186324	42658	286645	317334	1677271	3448778	-	297901	-	575193	-	117168	1246582	84018	85466	-	43	2583766	-	1478710
2012	1	41418	1313765	1054	185741	41514	290228	119092	1607703	3185378	-	274104	639430	504349	-	121173	793217	75770	58834	-	1266405	2118146	-	1318104
2011	4	38106	1235534	937	178200	14543	272005	97259	1493277	2740698	-	246240	604447	349697	-	114085	761387	73050	46497	-	1188974	1703585	-	1147275
2011	3	34923	1215567	1006	30122	513	342506	45122	1519090	2972708	-	235712	605942	425606	-	114462	763166	74052	66053	-	1201429	1962264	-	1106332
2011	2	35363	1223747	987	30609	513	348712	35826	1525798	2969323	-	238768	619090	402519	-	116131	775335	74448	61743	-	1236955	2066833	-	1038032
2011	1	35258	1206961	1124	30356	513	347763	35049	1526209	2478212	-	228932	618377	397139	-	116528	1620354	72140	48114	-	90212	1828477	-	1001408
2010	4	35824	1244461	1152	31671	-	360655	37075	1531014	2273802	-	213012	651121	358714	-	123716	1695796	71726	44446	-	328217	1600962	-	990957
2010	3	31828	1181978	1121	85882	-	307000	-	1507960	2446570	-	217052	651783	486848	-	125068	1296337	69052	62673	-	678089	1893834	-	1026248
2010	2	32407	1234000	1120	90853	-	321484	43286	1560977	2493900	-	212958	685696	489093	-	131639	1362876	71871	47204	-	697519	2062603	-	1001710
2010	1	35186	1204482	1101	114679	-	327536	529600	979436	2308191	-	224192	695337	448512	-	131714	1858985	71778	47481	-	223119	1764943	-	985140
2009	4	33687	1216807	1089	116663	-	333467	427810	993675	2093511	-	214265	703557	391648	-	136306	2106810	72403	34620	-	317	1491355	-	934787
2009	3	38019	1264041	1487	122159	-	323244	92468	957110	1941163	-	223025	729398	807282	-	134485	2105183	68107	55351	-	11142	918759	716770	969506
2009	2	36863	1214338	1273	117309	-	314252	82565	929267	2220838	-	247296	696317	396468	-	130199	2030634	64033	53578	-	13718	984778	727535	858559
2009	1	39798	1163476	1279	116542	-	313404	88798	889899	1927915	-	243657	686202	451349	-	126346	2046043	71644	46940	-	15703	816034	644293	827659
2008	4	36184	1019607	1145	111053	-	303055	139138	835294	1840081	-	237804	654093	285528	-	120384	1955819	68586	47221	-	13259	675240	591109	741870
2008	3	32679	929771	1247	107035	-	230602	172799	818353	2007898	-	215354	640714	280560	14483	96385	2104058	43812	53975	-	40702	801446	476737	717969
2008	2	30196	932380	1066	107187	-	216013	183335	585238	1917255	-	218101	663996	280638	17039	97800	2183393	43444	57880	-	52791	844909	473429	648367
2008	1	31261	889933	855	108287	-	219066	159816	547979	1730512	2249	220522	682130	260005	12514	102894	2211332	43216	34032	-	51973	671111	441058	610780
2007	4	30825	890234	1029	108192	-	218873	118176	524988	1481952	328229	210557	691026	241097	10904	103078	2223793	44248	35988	260130	55643	582093	356450	573347
2007	3	1383	3	95557	-	-	-	-	38461	5443	13812	144662	996	4234	65617	191	4479	1883	3	-	113263	123326	49717	15628
2007	2	1383	3	96094	-	-	-	-	39106	2007	13812	107787	996	3968	54502	191	5187	1886	3	-	111456	72500	51529	15425

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Discontinued operation	After tax effect of interest savings on RCSLS	Gain on dilution of retail operations	Interest income
2012	4	826505	45244	13396	85293	748654	59284	26	-	-	-	32467
2012	3	918206	62973	13487	92164	778097	84482	33	-	-	-	30996
2012	2	911182	53429	25849	90341	770841	80891	54	-	-	-	35156
2012	1	791631	55095	35442	70617	658118	64880	43	-	-	-	41533
2011	4	710892	51950	36428	66684	604199	60460	37	-	0	-	48666
2011	3	801325	61370	36042	73486	629288	79716	32	-	0	-	36745
2011	2	756380	47315	55024	95947	622272	63882	50	-	0	-	29916
2011	1	656485	38010	38796	72638	548355	54160	14	-	1574	-	26374
2010	4	620370	36306	41369	83758	539839	57902	28	-	2686	-	27181
2010	3	753897	51434	42165	67398	603394	71323	56	-	2657	-	30437
2010	2	709319	46387	46597	66006	567691	65536	44	-	2716	-	31153
2010	1	641864	35367	41004	60808	533235	53698	25	-	2716	-	25313
2009	4	574413	46944	45798	68725	471422	50378	78	-	2647	245046	27470
2009	3	703184	42448	46076	68464	568745	70398	158	-	2589	0	31796
2009	2	684923	40500	48211	65811	560486	61148	393	-	2651	32470	30931
2009	1	621144	31490	11801	54707	521753	50717	72	-	2642	-	-
2008	4	510075	27677	41526	85073	477623	44205	152	2	3237	16445	32311
2008	3	634534	34701	47190	52651	517166	58088	178	0	5375	231587	33303
2008	2	608572	36855	46699	48782	496153	52070	211	0	5581	-	34674
2008	1	489116	23272	11656	40925	418018	35711	8	1707	667	-	-
2007	4	449839	23495	39304	59060	421038	35201	15	10946	-	-	29507
2007	3	488861	26876	34491	40711	406474	41272	10	2105	-	-	24809
2007	2	467003	33332	19211	50944	389649	40007	49	3954	-	-	16862

Financial Quarter Segments Revenue

year	qrt	Investment holding	Malaysia	Indonesia	China	Vietnam
2012	4	20170	208390	32125	550582	27766
2012	3	-	196660	31749	652581	29847
2012	2	-	228263	35372	613349	29039
2012	1	-	207411	33666	526822	23732
2011	4	-	192273	9617	485397	23953
2011	3	-	184652	-	590015	26658
2011	2	-	203913	-	524949	27518
2011	1	-	185734	-	447663	23088
2010	4	-	163147	-	433098	24125
2010	3	-	174344	-	552435	27118
2010	2	-	188871	-	496000	24448
2010	1	-	173105	-	446215	22544

Financial Quarter Segments Profit

year	qrt	Investment holding	Malaysia	Indonesia	China	Vietnam
2012	4	11339	16954	2057	136352	606
2012	3	906	27031	2438	200845	1105
2012	2	2619	43654	3952	180099	5647
2012	1	4270	33484	4222	166411	4335
2011	4	5763	15183	1519	162308	5937
2011	3	638	22101	-	218384	6660
2011	2	582	26747	-	196369	6518
2011	1	2200	27897	-	150321	4911
2010	4	12381	16206	-	183922	5803
2010	3	162	14725	-	196429	6909
2010	2	48	18051	-	183765	5866
2010	1	21	16324	-	149260	3874

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, c_asset = current asset, liab = total liability, c_liab = current liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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ARCHIVES

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KLCI Stock - PARKSON / 5657 - 2012 Quarter 2

Company Info 

Market Capital (Capital Size)	5,130,400,614 (Very Large)
Par Value	RM 1.00

My Analysis 

Forecast P/E now	(4.69-0.15)/0.4114 = 11.04 (Moderate)
Target Price	6.58+0.15 = 6.73 (PE 16.0, EPS 0.4114, DPS 0.15)
Decision	BUY when MACD very negative and start move up plus got very strong buy volume than sell
Comment	Revenue increased 15.1% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 20.5%, eps increased 17.3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 12%, cash generated from operating is more than enough to cover all expenses, margin maintaining high, better liquidity ratio, keep improving gearing and debt ratio, higher payables repayment period but still acceptable due to higher revenue, higher inventory can indicate good prospect in sales, all country business growth
First Support Price	4.65
Second Support Price	4.4
Risk Rating	MODERATE

Research House

BIMB Target Price	7.57 (2011-01-24)
RHB Target Price	6.23 (2011-06-17)
OSK Target Price	6.68 (2011-10-10)
Affin Target Price	7.15 (2011-11-03)
AMMB Target Price	6.84 (2012-02-28)
HwangDBS Target Price	6.2 (2012-02-28)
MIDF Target Price	6.54 (2012-02-28)
ECM Target Price	5.28 (2012-04-26)

Accounting Ratio 

Return on Equity	10.14%
Dividend Yield	3.20%
Gross Profit Margin	0.00%
Operating Profit Margin	25.32%
Net Profit Margin	26.34%
Tax Rate	22.26%
Asset Turnover	0.3925
Net Asset Value Per Share	2.38
Net Tangible Asset per share	1.18
Price/Net Tangible Asset Per Share	4.73
Cash Per Share	3.17
Liquidity Current Ratio	1.6191
Liquidity Quick Ratio	1.5075
Liquidity Cash Ratio	1.292
Gearing Debt to Equity Ratio	1.5855
Gearing Debt to Asset Ratio	0.5025
Working capital per thousand Ringgit sale	51.4%
Days to sell the inventory	46
Days to collect the receivables	65
Days to pay the payables	400

Technical Analysis 

SMA 20	5.136 (Downtrend 55 days)
SMA 50	5.305 (Downtrend)
SMA 100	5.477 (Downtrend)
SMA 200	5.446 (Downtrend)
MACD (26d/12d)	-0.15256 ( 0.015042 )
Signal (9)	-0.098886 ( 0.013418 )
MACD Histogram	0.053674 (Bearish trend 7 days)
Bolinger Upper Band	5.573
Bolinger Lower Band	4.699

My notes based on 2012 quarter 2 report (number in '000):-
- Better result due to growing consumer demand in all country business coupled with the opening of new stores and continuous improved operating efficiencies

- Estimate next 4Q eps after 2012 Q2 result announced = 4075325*0.11/1089544 = 0.4114, estimate PE on current price 4.69 = 11.04(DPS 0.15)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.3308*1.1 = 0.3639, estimate highest/lowest PE = 15.88/14.4 (DPS 0.15)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.32*1.1 = 0.352, estimate highest/lowest PE = 16.08/13.41 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3094*1.1 = 0.3403(0.3094 from recent fourth quarter eps), estimate highest/lowest PE = 22.25/14.66 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1587*2*1.05 = 0.3333, estimate highest/lowest PE = 17.19/15.09 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate highest/lowest PE = 19.24/17.38 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (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)

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KLCI Stock - PARKSON / 5657 - 2012 Quarter 1

Company Info 

Market Capital (Capital Size)	6,048,134,179 (Very Large)
Par Value	RM 1.00

My Analysis 

Forecast P/E now	(5.53-0.15)/0.3639 = 14.78 (Moderate)
Target Price	6.55+0.15 = 6.70 (PE 18.0, EPS 0.3639, DPS 0.15)
Decision	BUY if stock price below or near to SMA20
Comment	Revenue increased 11.3% and also higher than preceding year corresponding quarter 20.6%, eps increased 27.6% and also higher than preceding year corresponding quarter 15%, cash generated from operating is more than enough to cover all expenses, slightly weaker liquidity ratio at low level now, higher gearing ratio at high level now, payables ratio at high level now, most country business growth, higher inventory can indicate still a good sentiment of spending
First Support Price	5.45
Second Support Price	5.2
Risk Rating	MODERATE

Research House

BIMB Target Price	7.57 (2011-01-24)
HwangDBS Target Price	6.5 (2011-04-11)
RHB Target Price	6.23 (2011-06-17)
AMMB Target Price	6.79 (2011-08-24)
OSK Target Price	6.68 (2011-10-10)
Affin Target Price	7.15 (2011-11-03)
ECM Target Price	6.4 (2011-11-24)
MIDF Target Price	6.42 (2011-11-24)

Accounting Ratio 

Return on Equity	10.75%
Dividend Yield	2.71%
Profit Margin	26.56%
Tax Rate	26.20%
Asset Turnover	0.3731
Net Asset Value Per Share	2.25
Net Tangible Asset per share	1.04
Price/Net Tangible Asset Per Share	5.43
Cash Per Share	2.92
Liquidity Current Ratio	1.3368
Liquidity Quick Ratio	1.0715
Liquidity Cash Ratio	0.9251
Gearing Debt to Equity Ratio	1.808
Gearing Debt to Asset Ratio	0.5404
Working capital per thousand Ringgit sale	37.9%
Days to sell the inventory	133
Days to collect the receivables	60
Days to pay the payables	307

Technical Analysis 

SMA 20	5.537 (Uptrend 1 day)
SMA 50	5.512 (Uptrend)
SMA 100	5.415 (Uptrend)
SMA 200	5.524 (Uptrend)
MACD	0.035987 (Downtrend 4 days)
MACD Histogram	-0.001177 (Downtrend 1 day)

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt was attributed to healthy same store sales growth and the opening of new stores and the inclusion of the business operations from Indonesia which was acquired in June 2011

- Higher revenue and pbt than FY11Q4 was attributed to higher spending during the Muslim festive season in Malaysia and above reason

- Estimate next 4Q eps after 2012 Q1 result announced = 0.3308*1.1 = 0.3639, estimate PE on current price 5.53 = 14.78(DPS 0.16)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.32*1.1 = 0.352, estimate highest/lowest PE = 16.08/13.41 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3094*1.1 = 0.3403(0.3094 from recent fourth quarter eps), estimate highest/lowest PE = 22.25/14.66 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1587*2*1.05 = 0.3333, estimate highest/lowest PE = 17.19/15.09 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate highest/lowest PE = 19.24/17.38 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (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)

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KLCI Stock - PARKSON / 5657 - 2011 Quarter 4

Company Info

Market Capital (Capital Size)	6,146,476,823 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(5.62-0.16)/0.352 = 15.51 (Moderate)
Target Price	6.34+0.16 = 6.50 (PE 18.0, EPS 0.352, DPS 0.16)
Decision	Not interested unless stock price sustain above 5.7
Comment	Revenue decreased 11.2% but higher than preceding year corresponding quarter 14.6%, eps decreased 32.7% but higher than preceding year corresponding quarter 19.7%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at high level now, lower payables ratio but still high, got new income from Indonesia
First Support Price	5.35
Second Support Price	5.0
Risk Rating	MODERATE

Research House

BIMB Target Price	7.57 (2011-01-24)
MIDF Target Price	5.9 (2011-04-05)
HwangDBS Target Price	6.5 (2011-04-11)
ECM Target Price	6.4 (2011-04-14)
RHB Target Price	6.23 (2011-06-17)
OSK Target Price	7.58 (2011-08-17)
AMMB Target Price	6.79 (2011-08-24)

Accounting Ratio

Return on Equity	10.31%
Dividend Yield	2.67%
Profit Margin	25.80%
Tax Rate	28.66%
Asset Turnover	0.4027
Net Asset Value Per Share	2.05
Net Tangible Asset per share	0.91
Price/Net Tangible Asset Per Share	6.15
Cash Per Share	2.51
Liquidity Current Ratio	1.3455
Liquidity Quick Ratio	1.056
Liquidity Cash Ratio	0.9326
Gearing Debt to Equity Ratio	1.7479
Gearing Debt to Asset Ratio	0.5361
Working capital per thousand Ringgit sale	34.7%
Days to sell the inventory	129
Days to collect the receivables	45
Days to pay the payables	258

My notes based on 2011 quarter 4 report (number in '000):-
- The impressive performance was mainly attributed to the healthy same store sales growth across all 3 markets in Malaysia, China and Vietnam (10%, 12% and 21% respectively)

- The improved performance took into account the appreciation of the Ringgit Malaysia against the Chinese Renminbi and the Vietnamese Dong which has resulted in the lower foreign operating results being consolidated into the Group. For illustration purpose, excluding the impact of the currency translation, on a comparable basis, profit before taxation for the year ended 30 June 2011 increased by 21%

- The Group recorded a seasonally lower performance in the current quarter in view of the absence of major festivities as compared to the higher spending during the Chinese New Year festivities in the previous quarter. Group's revenue was 11% lower with a corresponding lower profit before taxation

- Estimate next 4Q eps after 2011 Q4 result announced = 0.32*1.1 = 0.352, estimate PE on current price 5.62 = 15.51(DPS 0.16)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.3094*1.1 = 0.3403(0.3094 from recent fourth quarter eps), estimate highest/lowest PE = 22.25/14.66 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1587*2*1.05 = 0.3333, estimate highest/lowest PE = 17.19/15.09 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate highest/lowest PE = 19.24/17.38 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (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)

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KLCI Stock - PARKSON / 5657 - 2011 Quarter 3

Company Info

Market Capital (Capital Size)	6,299,503,200 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(5.76-0.16)/0.3403 = 16.46 (Moderate)
Target Price	6.13+0.16 = 6.29 (PE 18.0, EPS 0.3403, DPS 0.16)
Decision	BUY
Comment	Revenue increased 5.9% to highest record and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 6.3%, eps increased 11.2% and is third consecutive quarter increasing and also higher than preceding year corresponding quarter 21.1%, cash generated from operating is more than enough to cover all expenses, stronger liquidity ratio but still at low level now, lower gearing ratio but still at very high level now, payables ratio still very high
First Support Price	5.5
Second Support Price	5.3
Risk Rating	MODERATE

Research House

BIMB Target Price	7.57 (2011-01-24)
MIDF Target Price	5.9 (2011-04-05)
HwangDBS Target Price	6.5 (2011-04-11)
ECM Target Price	6.4 (2011-04-14)
OSK Target Price	7.42 (2011-05-16)
RHB Target Price	6.1 (2011-05-26)

Accounting Ratio

Return on Equity	10.56%
Dividend Yield	2.78%
Profit Margin	30.73%
Tax Rate	24.92%
Asset Turnover	0.3816
Net Asset Value Per Share	1.97
Net Tangible Asset per share	0.85
Price/Net Tangible Asset Per Share	6.84
Cash Per Share	2.73
Liquidity Current Ratio	1.3128
Liquidity Quick Ratio	1.0522
Liquidity Cash Ratio	0.9204
Gearing Debt to Equity Ratio	1.953
Gearing Debt to Asset Ratio	0.5629
Working capital per thousand Ringgit sale	35.6%
Days to sell the inventory	131
Days to collect the receivables	55
Days to pay the payables	306

My notes based on 2011 quarter 3 report (number in '000):-
- Consumer sentiments continued to gain strength in the 9 months period ended 31 March 2011. Coupled with effective management of product mix and floor space alignment as well as tactical promotional activities, our Parkson operations reported healthy same store sales growth across all 3 markets in Malaysia, China and Vietnam (9%, 12% and 22% respectively). However, due to the appreciation of the Ringgit Malaysia against the Chinese Renminbi and Vietnamese Dong, lower operating results were consolidated into the Group. Gross sales proceeds for the 9 months under review rose only 9% to RM7,276 million compared to RM6,693 million a year ago with profit before taxation reported at RM620 million

- Excluding the impact of the currency translation as mentioned above, on a comparable basis, profit before taxation for the 9 months period ended 31 March 2011 increased by 20% to RM664 million

- As expected and reported in the previous interim report, the Group continued to record satisfactory results in the current quarter on the back of higher spending during the Chinese New Year festivities. Group's revenue was 6% higher at RM801 million, with profit before taxation improving by 20% to RM246 million as against RM205 million in the immediate preceding quarter

- Estimate next 4Q eps after 2011 Q3 result announced = 0.3094*1.1 = 0.3403(0.3094 from recent fourth quarter eps), estimate PE on current price 5.76 = 16.46(DPS 0.16)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1587*2*1.05 = 0.3333, estimate highest/lowest PE = 17.19/15.09 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate highest/lowest PE = 19.24/17.38 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (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)

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KLCI Stock - PARKSON / 5657 - 2011 Quarter 2

Company Info

Market Capital (Capital Size)	5,927,581,645 (Very Large)
Par Value	RM 1.00

My Analysis

Forecast P/E now	(5.42-0.16)/0.3333 = 15.81 (Moderate)
Target Price	6.00+0.16 = 6.16 (PE 18.0, EPS 0.3333, DPS 0.16)
Decision	BUY
Comment	Revenue increased 15.2% to highest record and is second consecutive quarter increasing and also higher than preceding year corresponding quarter 6.6%, eps increased 20.4% and also higher than preceding year corresponding quarter 12.2%, both positive free and net cash flow increased, liquidity ratio decreased and is at low level now, gearing ratio increased to very high level again, payables period very high but going to offset by capital from sale of investment, opening a new mall which going to bring in rental income
First Support Price	5.3
Second Support Price	5.0
Risk Rating	MODERATE

Research House

BIMB Target Price	7.57 (2011-01-24)
HwangDBS Target Price	6 (2011-02-23)
OSK Target Price	6.31 (2011-02-24)

Accounting Ratio

Return on Equity	10.65%
Dividend Yield	2.95%
Profit Margin	27.10%
Tax Rate	23.08%
Asset Turnover	0.3751
Net Asset Value Per Share	1.91
Net Tangible Asset per share	0.78
Price/Net Tangible Asset Per Share	7.0
Cash Per Share	2.74
Liquidity Current Ratio	1.2568
Liquidity Quick Ratio	1.0019
Liquidity Cash Ratio	0.8823
Gearing Debt to Equity Ratio	2.1008
Gearing Debt to Asset Ratio	0.5829
Working capital per thousand Ringgit sale	31.0%
Days to sell the inventory	135
Days to collect the receivables	53
Days to pay the payables	326

My notes based on 2011 quarter 2 report (number in '000):-
- Continuous efforts to improve productivity of our Parkson stores through merchandise upgrading and realignment of the floor space utilisation have enabled the Group to deliver healthy same store sales growth for the 6 months ended 31 December 2010 across all three markets in Malaysia, China and Vietnam (10%, 11% and 23% respectively). However, due to the weakening of the Chinese Renminbi and Vietnamese Dong against the Ringgit Malaysia, lower results were consolidated into the Group. Revenue for the 6 months under review was only 5% higher at RM1,413 million compared to RM1,351 million a year ago with profit before taxation reported at RM373 million

- Excluding the impact of the currency translation, on a comparable basis, the Group's revenue increased by 11% to RM1,505 million as compared to the preceding year corresponding period. Accordingly, profit before taxation increased by 16% to RM402 million

- The Group registered better performance in the current quarter on the back of year end festivities and the holiday season. The improved consumer sentiment has enabled our Parkson operations to achieve a 15% higher revenue of RM756 million as compared to RM656 million reported in the immediate preceding quarter. In line with higher revenue coupled with better operating efficiencies, profit before taxation improved by 22% to RM205 million for the quarter under review

- Next quarter expected higher spending during the Chinese New Year festivities

- Estimate next 4Q eps after 2011 Q2 result announced = 0.1587*2*1.05 = 0.3333, estimate PE on current price 5.42 = 15.78(DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.3015, estimate highest/lowest PE = 19.24/17.38 (DPS 0.15)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.3015, estimate highest/lowest PE = 20.17/17.74 (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)

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