Wednesday, September 18, 2013

Parkson : Expanding into Cambodia (DBSV)

Parkson Holdings Bhd
HOLD RM3.82
KLCI : 1,770.80
Price Target : 12-Month RM 3.30 (Prev RM 3.30)
Expanding into Cambodia

• Expanding into Cambodia with proposed Parkson Mall in Phnom Penh
• Added earnings in longer term
• Near term earnings continue to be dampened by China operations

Expanding base. Parkson announced two proposals by its wholly-owned subsidiary, True Excel, with PP.SW Development Co Ltd (PPSW) in Cambodia. These are:- i) 50 year lease with automatic renewal for another 50 years of the lower ground
floor and first floor of the proposed Parkson Mall in Phnom Penh City, Cambodia; and ii) Acquisition of the second to seventh floor of the Proposed Parkson Mall for c.RM247.8m. The mall will be sub-leased to a wholly-owned subsidiary of 67.6%- owned Parkson Retail Asia. The mall is strategically located opposite the Phnom Penh International Airport. Major shareholder Tan Sri William Cheng owns 49% of PPSW.

Added contributions in longer term. Parkson’s expansion into Cambodia could result in added earnings and market diversification in the longer term. The mall (to be built on 10.2 acres) is scheduled to be completed in three years. In the near term, it would result in lower interest income on the progress billings (estimated at 3- 5% of FY14-15F net profit).

Dampened by China operations. We maintain our HOLD rating. Our RNAV-based TP is under review. We believe Parkson lacks near-term catalyst as its earnings continue to be dampened by its China operations - Parkson Retail Group (PRG). We remain cautious on PRG’s earnings as it could continue to experience weaker same store sales growth (SSSG).



Source/Extract/Excerpts/来源/转贴/摘录: HWANGDBS Vickers Research
Publish date: 17/09/13

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