Parkson Retail Asia: HSBC initiates at Overweight with TP $1.49, based on an average of its P/E (18x FY12E) and EV/EBITDA (10x FY12E) valuations.
One of the largest operators of department stores in SE Asia, the co operated 49 stores as of Jun ‘11, including 36 in Msia, 7 in Vietnam and 6 in Indonesia, and has projects under development in Cambodia. HSBC expects store count to grow to 70 stores by end-2014.
Forecasts revenue growth of 29.2% to $474m in 2012 and 20.5% to $572m in 2013, and net profit to increase 32.6% to $46.5m in 2012 and 23.3% to $57.3m in 2013. Notes, the primary driver of its earnings growth forecasts is new store rollouts coupled with operational efficiencies and, specifically, the expected growth in concessionaire sales in the high-margin fashion and cosmetics categories.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment