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KLSE: PARKSON       PARKSON HOLDINGS BHD
Last Price Avg Target Price   Upside/Downside Price Call
0.64 0.70     +0.06 (9.38%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
19/05/2017 0.63 0.75 +0.12 (19.05%) HOLD PUBLIC BANK Price Target News
11/05/2017 0.665 0.75 +0.085 (12.78%) HOLD PUBLIC BANK Price Target News
22/02/2017 0.72 0.75 +0.03 (4.17%) HOLD PUBLIC BANK Price Target News
22/02/2017 0.72 0.88 +0.16 (22.22%) BUY KENANGA Price Target News
21/02/2017 0.715 0.72 +0.005 (0.70%) HOLD PUBLIC BANK Price Target News
15/02/2017 0.655 0.72 +0.065 (9.92%) HOLD PUBLIC BANK Price Target News
24/11/2016 0.725 0.72 -0.005 (0.69%) HOLD PUBLIC BANK Price Target News
24/11/2016 0.725 0.66 -0.065 (8.97%) SELL KENANGA Price Target News
24/11/2016 0.725 0.51 -0.215 (29.66%) SELL Affin Hwang Capital Price Target News


Price Target Research Article/News (past 6 months)
19/05/2017  PUBLIC BANK Parkson Holdings Berhad - A Glimmer of Light for PRG
11/05/2017  PUBLIC BANK Parkson Holdings Berhad - Weak PRA Operations
22/02/2017  PUBLIC BANK Parkson Holdings Berhad - 1HFY17 Cushioned by One-Offs
22/02/2017  KENANGA Parkson Holdings - China Same Store Sales Recovering
21/02/2017  PUBLIC BANK Parkson Holdings Berhad - PRG Work in Progress
15/02/2017  PUBLIC BANK PARKSON - PRA Still Weak
24/11/2016  PUBLIC BANK PHB - Weak Performance From All Divisions
24/11/2016  KENANGA Parkson Holdings - Long Dark Tunnel
24/11/2016  Affin Hwang Capital Parkson (SELL, maintain) - A red beginning



  9 people like this.
 
Parkson8888 YTD PRGL still up 22%.
https://www.bloomberg.com/quote/3368:HK
18/05/2017 09:41
kelvin61 Those that is not able to see and anticipate the business prospects and turnaround would not make the big money. Majority of followers in this blog end up losing money. It's really sad.
18/05/2017 12:51
yucaihacai Post removed. Why?
18/05/2017 12:55
yucaihacai ks55 can trust ?
18/05/2017 12:58
yucaihacai ks55 吓你们尿都要流下来...
18/05/2017 13:27
confuse Cannot. If PRGL loss RM 50 million why PRGL up 2 sen today?
https://www.bloomberg.com/quote/3368:HK

Posted by yucaihacai > May 18, 2017 12:58 PM | Report Abuse
ks55 can trust ?
18/05/2017 23:49
confuse yucaihacai if ks55 trustable he should post at counters he still hold and promote and not only come here.
18/05/2017 13:48
confuse PRGL still up today.
https://www.bloomberg.com/quote/3368:HK
18/05/2017 15:06
yucaihacai PRGL made money ma
18/05/2017 14:09
AnonymousJr Parkson; China operation’s Quarter ended 31st March (Parkson Retail Group Ltd).

Operating profit: RMB 31,216,000
Net profit: RMB 5,194,000. Attributable to shareholders; RMB 1,143,000 (0.09% of revenue)
Cash & equivalents: RMB 4,875,184,000 (RM 3,062,114,156)

Their Gross Sales Profit (after Value-added Tax) for this quarter was RMB 4,406,890,000. In other words, China operations sold goods and/or services worth about RM2,767,416,212 . (This is differentiated from Parkson’s Revenue of RMB 1,254,924,000)

Assuming now due to high competition / online sales competition / sunset industry etc etc Parkson have very few customers buying goods from their stores;

So say this quarter they had only 10 million or 10,000,000 customers;
That was a recorded sales of about RM92 per month per customer for 10 million customers for this recent quarter at a cost of RM26 per month per customer and a revenue of rm26.27 accordingly.

Despite the low margins currently, it is believed that their customer base is where one of where Parkson’s value lie. They have customers in diverse locations with ready hand distribution and partnership with international brands. Every business even online would require distribution centres and collaboration with brand owners; as can be seen when Alibaba’s bought over Intime among other online retailers that are acquiring on-the-ground stores. No doubt original manufacturers opting for direct online sales is an issue. However, original manufacturers tend to concentrate on their core business as such when Coca Cola sold off their main bottling plants to focus on their brand and product offerings besides reducing capital expenditures and monetising assets.

[ Note: Parkson has low margins as seen in the example of between rm26 and rm26.27 however it is still a cash business as new malls and stores incurs high capital expenditures and depreciation charges and asset sales generate cash surplus. Moving forward, higher own brand sales, own mall income and lower renegotiated rentals/other costs should contribute positively to revenues and margins. )

In today’s world the online scene seems to be the way forward. Unless people lose interest in outdoor shopping/dining/entertainment activities as compared to experiencing them at home, it is believed retailing will survive despite it being one of the most competitive industries. 

Parkson’s value may be realised sooner if a larger retailer with a good business model Notices Parkson’s core competencies & would like to Joint Venture or make a takeover bid to extend their reach to a competitive market like China. Otherwise, its value may be realised via their ongoing turnaround measures should they progress smoothly.

In the end successful businesses evolve.

As an interesting comparison before Parkson’s current results,
Amazon sells at more than 150x Price Earnings ratio (PE) and 18x Price to Book ratio (P/B) and 3x Enterprise Value to Sales (EV/Sales). Parkson Retail Group Ltd sells at more than 13x PE ratio (PE) and 0.42x P/B ratio and 0.25x (EV/Sales). Source: Marketwatch.com, WallStreetJournal 18/05/17. Despite the wonderful business model that Amazon has, Parkson Retail’s valuations appear dubious.


[ This is purely a quick personal opinion of a long term shareholder. Any decision taken should be based on sound judgement with risks fully born by the decision maker. Informational discrepancies are possible. ]
18/05/2017 11:11
nikicheong http://www.hkexnews.hk/listedco/listconews/sehk/2017/0518/LTN20170518207.pdf

Results out. Slightly better. In the green. Signs of turnaround?
18/05/2017 15:23
nikicheong To the guy above, are you implying Parkson is over/fair/under valued?
18/05/2017 16:20
nikicheong Looks like their departmental store business declined but it's offset by better performance from their mall revenues. I did an online survey among Qingdao residents and apparently the Lion City Mall is considered a high end mall. You can see the photos online yourself. This mall is likely by itself worth RMB2bil-3bil.
18/05/2017 16:27
Parkson8888 yucaihacai today PRGL result out. Judge whether he trustable on PRGL result.
http://www.parksongroup.com.cn/upload/201705/149507686953606000.pdf

Posted by yucaihacai > May 18, 2017 12:58 PM | Report Abuse
ks55 can trust ?

Stock: [PARKSON]: PARKSON HOLDINGS BHD
May 17, 2017 10:28 PM | Report Abuse

I said.
I also said PRGL expected to lose RM 50m equivalent.

馬後砲 will not give prediction.
After PRGL QR is out, the he will talk nonsense 馬後砲

Who are the 馬後砲 ?
Friday you will know..............
https://klse.i3investor.com/servlets/cube/post/ks55.jsp
18/05/2017 17:25
waseong 【星島日報報道】百盛集團(03368)首三個月業績扭虧為盈,公司股價向好,新報1.06元,升0.95%,成交373.34萬元。公司宣布,第一季股東應佔溢利為114.3萬元(人民幣,下同),而同比則虧損1779.2萬元。
  期內,錄得合計銷售所得款總額44.069億元,同比下降5.6%;同店銷售同比下降2.2%。經營收益總額同比升0.9%,漲幅主要源自青島金獅廣場的租金收入。商品銷售毛利率為15.5%,較去年同期下降0.5個百分點。
  特許專櫃銷售佔商品銷售總額約84.6%,餘下15.4%則來自直接銷售。時裝與服裝類別佔商品銷售總額約45.1%,化妝品與配飾類別則佔約46.0%,而家居用品與電器類別亦佔約3.2%,餘下約5.7%則是食品與鮮貨類別。
  另外,季度經營開支總額為7.441億元,同比下降7.4%;得益於管理層的成本控制,同店經營開支總額下降4.7%。 (nc)
18/05/2017 19:57
Parkson8888 See PRGL got drop after QR announced. They suffer the most not Parkson.
19/05/2017 09:59
Parkson8888 PRGL why HKD 1.07 not drop?
https://www.bloomberg.com/quote/3368:HK
19/05/2017 10:01
kelvin61 Because they reported a loss. PRGL, however, seem to be turning around. Things could get better in the coming quarters. Very big market in China with a very big middle class that is itching to shop and dine till they drop.
19/05/2017 14:13
nikicheong Look, Parkson Bhd is a holding company with two listed subsidiaries - PRGL for their China operations, and PRA for their ASEAN operations.

PRA has suffered losses and will likely continue suffering losses. It has failed to innovate. Parkson is a strong brand in Malaysia to some extent, but it is losing badly in Indochina and Indonesia. PRA has got not many notable assets.

PRGL meanwhile started to decline before PRA due to the competitive e-Commerce scene in China. Their decline started in 2013. So in these past 4 years management has been able to implement turnaround measures to diversify away from the core departmental store business. This is unlike PRA where the decline has started later and turnaround as such could come later (i.e. next year).

PRGL has managed to get costs under control. It has got multiple billion dollar yuan fixed assets in strategic locations. It has diversified into owning and operating malls, grocery stores and creating theme-based malls. It owns exclusive rights to hundreds of international apparel/cosmetic brands. And it could be a takeover target or JV partner for an online retailer or e-Commerce giant who wants a better on-the-ground presence.

So yeah PRA will bleed a bit more, but PRGL seems to have the worst behind it. It won't fly, but it won't drop any further. HKD0.61 lowest, it's now maintaining at HKD1.07 after the results came out. China economy is finally growing at a faster pace YoY again.

I think Parkson is now kinda stuck in between. China has stopped heavy losses...it now needs to return to strong profitability and perhaps then we can finally see Parkson Bhd share price rising.
19/05/2017 14:43
nikicheong Lol you can't just delist if it is not making money. For many years PRA was profitable (albeit with declining profits). It just so happened PRA was listed right before the e-Commerce revolution.
19/05/2017 16:36
Parkson8888 I will prefer them to close unprofitable Parkson stores without delay especially after Raya.
19/05/2017 17:24
Parkson8888 Lion88 I share your concern about PRA. Please write to them as below link filling your name, e-mail and message, etc.
http://www.parkson.com.sg/
19/05/2017 17:25
Parkson8888 Delist PRA logical meh? No better proposal?

Posted by Lion88 > May 19, 2017 06:24 PM | Report Abuse
Wrote many times
19/05/2017 18:45
nikicheong Likely the end is near. When did you buy in? It's I still the darkest before dawn.
19/05/2017 18:53
Parkson8888 If add value of PRGL and PRA; Parkson way undervalue. Agree PRA need more attention. I suggest close stores in multiple locations same cities 1 way. That if KL or Penang got more than 5 stores no 1 losing money must close immediately.

Posted by Lion88 > May 19, 2017 06:51 PM | Report Abuse
That why I need your advice.
What should I do with those shares?
Will it drop more?
19/05/2017 18:57
Parkson8888 Actually not only in Malaysia but also S'pore, Indonesia and other countries must close stores if cannot make money. So maybe stores by stores profit and loss accounts must be done.
19/05/2017 18:59
Parkson8888 As for stores in smaller town eg Kota Baru, Alor Setar, Malacca, etc cut staffs first become closing down is better.
19/05/2017 19:01
Lion88 There are no stores in Singapore.
However they are listed here.
Started investing in PRA approximately 5 years ago, long before ecommerce was established effectively.
Everytime I write in, they will tell me that they will improve.
Thank for your concerns.
19/05/2017 19:10
limch Lion88 you said you write many times they will improve what you write actually? Delist PRA?

Lion88 There are no stores in Singapore.
However they are listed here.
Started investing in PRA approximately 5 years ago, long before ecommerce was established effectively.
Everytime I write in, they will tell me that they will improve.
Thank for your concerns.
19/05/2017 19:10
19/05/2017 21:02
limch Lion88 can I ask PRA that you write many times like what you said here ok or not?
19/05/2017 11:48
nikicheong Lion88 so you're a Singaporean? You bought it and sticked with it...hard to say man. You sell now and you won't even get 10% of your initial capital. Never hold a company in terminal decline. You should have cut your losses long ago. Now, you got no choice but to keep invested and buy more once the turnaround is in sight. It will never reach the glory days of past years, but it can be profitable once more at the very least.

If you're writing to PRA tell them to get online shopping lah. That's so dumb they DO NOT have online shopping or mobile shopping till now. At least PRGL has a basic online/mobile shopping platform.
19/05/2017 12:05
Lion88 https://hiramherald.com/watching-the-tape-move-for-parkson-retail-asia-ltd-o9e-si/
19/05/2017 21:21
Royce Chan PGRL may be considered to be out of the wood currently based on the latest result but next Q2 result will firmly confirm if it's profitable. Whereas PRA is making losses but not subtantially. The losses are mainly due to expansion besides closing of non profitable outlets. As we can see that Parkson is pursuing regional expansion and market leadership currently in departmental store aggressively hence if the regional retail market is turning around rapidly soon will benefit PRA immediately and substantially. PRA is embarking on strong brand and franchise development as many new brands were introduced for different market segments such as LOL, Spaos, many more to rival other strong retail players. Though the market is very competitive with rising costs but if Parkson successfully reigns in market leadership with the current business strategy the outlets should be turning in profits soon. Hence PRA will be turning around rapidly and need not close anymore outlets if they are profitable. That will immediately boost Parkson Holding Bhd price and stage a sterling turnaround.

Meanwhile on issue pertaining to delist in PRA now is not viable. That's because PRA is currently highly geared while on expansion mode. The BoD may not view that justifiable.
20/05/2017 07:39
nikicheong Lion, too simplistic. Share price will follow performance. If there is a positive turnaround, they will return to PRA. Don't be worried. Parkson is a notable brand. It just needs the turnaround, stock price will increase accordingly. You can't simply expect the stock price to increase now, cause then it will not reflect the current situation of the company anymore.
20/05/2017 14:29
projecti2016 made wrong pick. cut loss at 0.635. Good luck.
20/05/2017 14:31
nikicheong Projecti, you're the typical retailer who loses in the markets.
21/05/2017 10:27
kelvin61 Most players lose due to lack of knowledge in the game. They will sell at low prices and chase shares at high prices. So, they normally make small profits but big losses. That is the sad situation. It's a cruel world out there. You need to be street smart in all your endeavours, cheers.
21/05/2017 12:05
Parkson8888 Agree. Should dumb-dumb hold since PRA just changed their CEO. Transformation will take time and not overnight. Who got extra cash can even buy from panic sellers at bargain price.

Posted by kelvin61 > May 21, 2017 12:05 PM | Report Abuse
Most players lose due to lack of knowledge in the game. They will sell at low prices and chase shares at high prices. So, they normally make small profits but big losses. That is the sad situation. It's a cruel world out there. You need to be street smart in all your endeavours, cheers.
21/05/2017 12:15
kelvin61 Buy simple businesses that is easy to understand. Then, look for market leaders in their field of business. Are they long in the business and have they been able to grow the business? Do they generate positive or free cash flow? Are they reasonably geared if the business has been expanding steadily? Is the company able to withstand a downtown and do better on a turnaround? Is it a owner managed company? Is it selling at ridiculously low price to book value? Are you buying at the historical low price due to market downtown in the business? Is the company still in net cash position? If the answers are yes in most of these salient points, then the stock should be worth investing.
21/05/2017 12:36
nikicheong Parkson8888, but if you held PRA from their high point of SGD1.00++ till now, it's dumb. An investor should not be afraid to sell his position in a business in terminal decline or at the beginning of a down cycle. But if you bought in at SGD0.12 then to sell now is kinda short-sighted. It all depends on the perspective. As for myself, I will always be at the ready to sell any of the companies who stock I own should the fundamentals deteriorate. I'm only in the "buy and hold" so long as the company's fundamentals are sound enough at that price level.
21/05/2017 12:46
kelvin61 PRA qtr 3 result was not encouraging as the company incurred further losses. The management has also guided on making more impairment on it's group's assets, particularly on non-performing stores and stores that may be closed probably in the last qtr ending June 2017. On a brighter note, PRA is still in net cash position as the company has zero debt although the cash position has dwindled to 23m due to payment to suppliers and investment in new stores. And with all the negatives like deficits in SSSG and store issues, the company was still able to show increased revenue and rental income yoy. I would say the management has been prudent and transparent in their disclosure on current and the upcoming performance. So, to stay or liquidate your position in PRA would be a personal decision. There is no right or wrong answer, cheers.
21/05/2017 14:45
coolchef Idiot apek KanaSai55 loser,dont put your lossess grumping others as oten.So idiots spend over million for your son ed,fxxk yourself for stupidity not your son not qualify to get scholarship ok?haha!!
21/05/2017 18:49
coolchef Only mad idiot bragg how rich and clever he is and screw up people for own untold failures!!hahaha!!!
21/05/2017 18:58
coolchef so clever arr with bragging,now xdl is 27/4 how much ,waiting break historic high again???.....msports comes back, easily 4 times better!!!~~
21/05/2017 19:10
coolchef Apek KanaSai55,go for dinner lar~~....no need jealous or compare wealth with others,happy and healthy that be begged,but cant be bragged!!!~~~
21/05/2017 19:23
steveooikp look like going to boom.
22/05/2017 15:43
nikicheong Today only rise because of article in The Edge I think.
22/05/2017 20:24
steveooikp coming.... up up up
23/05/2017 09:25
speakup coming to PN17?
23/05/2017 09:26
speakup up = opportunity to sell.
23/05/2017 09:27


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