Bursa Malaysia Stock Watch
Padini Holdings: Maintain Buy - Growth drivers very much intact
kltrader
Publish date: Mon, 20 Feb 2012, 10:48 AM
kltrader
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New stores and BOs drive growth. Brands Outlet (BO) sales is continuing its run at a pace of more than 25% pa, and already accounts for 16% of total sales (as at end-FY11). Double-digit growth in BO sales is expected to persist, while the addition of 10 new stores in FY12 provides further impetus for sales momentum growth over the next two years. We continue to like Padini for its decent valuations (2012 PER of 9.6x), strong balance sheet (net cash) and the reputable brands in its portfolio. Maintain Buy with a raised TP of RM1.60.
Maybank Research 20 Feb 2012
Click here for full report
Maybank Research 20 Feb 2012
Click here for full report
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