Tuesday, September 17, 2013

Affin IB Research positive on Parkson's Cambodia expansion, maintains Add

Affin IB Research positive on Parkson's Cambodia expansion, maintains Add
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com    
Tuesday, 17 September 2013 11:06

KUALA LUMPUR (Sept 17): Affin Investment Bank Research has maintained its ‘add’ call on PARKSON HOLDINGS BHD [] (PHB) with an upside of 2.1% on a revised net asset value target price to RM3.90, in view of PHB’s expansion into Cambodia.

In a note today, the research house also said it maintained its FY14-16 net profit forecasts for the retail firm, as any contribution from Cambodia over the next three years will be relatively immaterial.


Affin IB Research analyst Mandy Teh said the expansion into Cambodia fits in with her investment thesis of PHB as a regional consumption play.

“We are positive on the group’s latest move, as the proposed lease and acquisition agreement will provide PHB with a steady income stream going forward, vide from rental income,” said Teh.

“Moreover, we reckon that the proposed Parkson Mall is located in a very strategic location, situated directly opposite the Phnom Penh International Airport, with good accessibility of infrastructure facilities.”

Teh mentioned that according to IMF, Cambodia’s GDP is expected to grow by 6.7% this year and 7.2% next year, underpinned by the increasing foreign investment.

“By entering early, Parkson Retail Asia a 67.6%-owned unit of PHB, stands to gain the first-mover advantage and position itself to ride on the expected boom in Cambodia’s retail sector,” said Teh.

In addition, PHB intends to borrow up to RM264 million while the remaining investment will be funded via internal generated funds.

“We believe funding for this project is not an issue given the group’s healthy operating cash flow of circa RM200 million per quarter and the company’s net cash position of an estimated RM280 million, June this year,” remarked Teh.




Source/Extract/Excerpts/来源/转贴/摘录: http://www.theedgemalaysia.com/
Publish date: 17/09/13

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