Parkson Retail: IIFL recommends Reduce with $1.05 primarily due to rich valuations. Note that grp has entered Indonesia market in June 2011 with the acquisition of PT Tozy Sentosa.
After this acquisition, the Indonesian business is estimated to account for 11% of sales and 8% of NP in the current year. The acquisition is a game changer and will provide PRA a beachhead in Indo’s rapidly growing market. Indo’s US$2.8b department store market is expected to register 10.7% CAGR over 2011-15.
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