Public Invt starts Parkson with 'outperform'

Public Investment Bank initiated coverage on department store group Parkson Holdings Bhd with an "outperform" call and a target price of RM5.73 per share, citing a strong growth outlook.

Public Investment expects Parkson to report a bullish 10 percent compounded annual growth in 2013 financial year despite negative global sentiments.

Parkson's growth will be underpinned by its strategic expansion plans and resilient concessionaire-based business model, the research house said in a note on Tuesday.

Parkson shares were up 1.29 percent, outperforming the Malaysian benchmark stock index's 0.45 percent drop. -- REUTERS