Parkson Retail Asia: IIFL initiates Coverage with Reduce Rating and TP $1.05.
Note that despite strong fundamentals with extensive distribution network, well-known
brand, and strong balance sheet, together with one of the highest profit margins and ROE amongst Asian retailers, after a 24% increase in stock price since its IPO, valuation is excessive. House value the stock at 15x FY12 P/E.
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