Parkson Retail

Parkson Retail: Good set of 4Q12 results which were a tad weaker vs estimates. Rev at $250.5m, +20.1% yoy and -4% qoq, while net profit at $8.9m, +86.9% yoy and -7.8% qoq. Result brings FY12 rev to $813.2m, +23.2% yoy and net profit to $36.5m, +20.9% yoy. Same store sales for Malaysia grew 8.2% yoy in qtr, which includes the additional 16 sale promotion days as a result of the group's planned shift in promotional calendar. For the full year, same store sales growth in Malaysia grew within mgt's expectations of 9.2% yoy. Same store sales for Vietnam was relatively unchanged as Vietnam's economy continues to face challenges from high inflation and trade deficit, resulting in tight govt policies which slowed economic growth. In Indonesia, same store sales grew 5.8% for the final qtr and 9.3% yoy. Going ahead, grp targets to open 6 new stores across the countries of Malaysia, Vietnam, Indonesia and Cambodia with total gross floor area of approximately 88,780 sqm. A 3c / share div has been declared. Ratings as follow: CIMB maintains Outperform with $1.75 TP