Stock Name: PADINI
Company Name: PADINI HOLDINGS BHD
Excellent growth. Padini's 1QFY12 earnings were strong, with net profit of RM27m up 47% YoY (+49% QoQ). Although above our expectations (1Q is typically a strong quarter), we maintain our forecasts on anticipation that sales could moderate into 2HFY12 on the back of slower domestic consumption. For its strong retail presence and increasingly resilient earnings model through its Brands Outlets, Padini remains a Buy with an unchanged TP of RM1.16 (CY12 PER of 9.2x).
Maybank research (30 November 2011)
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Company Name: PADINI HOLDINGS BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 1.16 |
Excellent growth. Padini's 1QFY12 earnings were strong, with net profit of RM27m up 47% YoY (+49% QoQ). Although above our expectations (1Q is typically a strong quarter), we maintain our forecasts on anticipation that sales could moderate into 2HFY12 on the back of slower domestic consumption. For its strong retail presence and increasingly resilient earnings model through its Brands Outlets, Padini remains a Buy with an unchanged TP of RM1.16 (CY12 PER of 9.2x).
Maybank research (30 November 2011)
Click here for full report
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