Parkson Retail

Parkson Retail: Announced strong set of 2Q12 results which was in-line with estimates albelt at the higher end. Rev at $120.4m, +25.1% yoy and +13.2% qoq while net profit at $13.64m, +26% yoy and +2.3%qoq.

Grp, which has operations in Malaysia, Vietnam and Indonesia, said strong 1H12 rev was largely driven by the strong growth in same-store sales, improved sales productivity from existing stores, the opening of new stores and the inclusion of operations in Indonesia acquired last June.

Going ahead, remains positive on prospects, and remains confident of maintaing position as a leading department store in the region. Separately, we note that a substantial shareholder had reduced its stake from 7.01% to 6.2% via JP Morgan, although there is no news on who it was.