Stock Name: PADINI
Company Name: PADINI HOLDINGS BHD
Joining the billion-ringgit club. India's on-again, off-again cotton export ban is a small hiccup which has not affected Padini. We maintain our Buy call and TP of RM1.70 based on 12x CY12 PER. The group has evolved into a stock with a market cap of over RM1b compared to just RM690m when we initiated coverage in July 2011. The 12-month average daily trading volume has also improved to 1.2m shares vs. just 0.7m in July 2011. Trading at 11.2x calendarised 2012 earnings, we expect its valuation gap vis-''-vis peers to continue narrowing.
Maybank Research 13 March 2012
Click here for full report
Company Name: PADINI HOLDINGS BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 1.70 |
Joining the billion-ringgit club. India's on-again, off-again cotton export ban is a small hiccup which has not affected Padini. We maintain our Buy call and TP of RM1.70 based on 12x CY12 PER. The group has evolved into a stock with a market cap of over RM1b compared to just RM690m when we initiated coverage in July 2011. The 12-month average daily trading volume has also improved to 1.2m shares vs. just 0.7m in July 2011. Trading at 11.2x calendarised 2012 earnings, we expect its valuation gap vis-''-vis peers to continue narrowing.
Maybank Research 13 March 2012
Click here for full report
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