Stock Name: PARKSON
Company Name: PARKSON HOLDINGS BHD
Affin Investment Bank cut its rating on Parkson Holdings Bhd to 'reduce' from 'buy', following its retail unit's disappointing earnings in the first nine months of the year due to uncertain operating conditions in China.
Parkson Retail Group's surprising weaker year-to-date same-store-sales growth was caused by a slowdown in China's consumer spending and gross domestic product, the research house said on Monday.
Parkson's third-quarter core net profit plunged 42 percent year-on-year because of losses at new stores, rental hikes and high costs in its e-commerce segment, Affin added.
Affin lowered its target price on Parkson Holdings to RM4.84 from RM5.35.
As of 0154 GMT, Parkson shares were down 3.2 per cent, underperforming the Malaysian benchmark index which dropped 0.2 percent. - Reuters
Company Name: PARKSON HOLDINGS BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 4.84 |
Affin Investment Bank cut its rating on Parkson Holdings Bhd to 'reduce' from 'buy', following its retail unit's disappointing earnings in the first nine months of the year due to uncertain operating conditions in China.
Parkson Retail Group's surprising weaker year-to-date same-store-sales growth was caused by a slowdown in China's consumer spending and gross domestic product, the research house said on Monday.
Parkson's third-quarter core net profit plunged 42 percent year-on-year because of losses at new stores, rental hikes and high costs in its e-commerce segment, Affin added.
Affin lowered its target price on Parkson Holdings to RM4.84 from RM5.35.
As of 0154 GMT, Parkson shares were down 3.2 per cent, underperforming the Malaysian benchmark index which dropped 0.2 percent. - Reuters
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