Bursa Malaysia Stock Watch
Padini Holdings Berhad: Maintain Buy - Minimal risk foray into Indonesia
kltrader
Publish date: Wed, 08 Aug 2012, 09:54 AM
kltrader
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PADINI - Minimal risk foray into Indonesia
Source: Maybank Research - 8 August 2012
- Exclusive 10-year deal for VNC. Padini Holdings has inked a 10-year deal with Singapore's F J Benjamin (FJB) for the latter to distribute VNC (better known as Vincci in Malaysia) shoes and accessories in Indonesia.
- This deal will not contribute significantly to the group in the near term but it helps enhance Padini's brand in the region.
- We maintain our forecasts and Buy call, but with a higher TP of MYR2.44 (+17%), pegged to a higher 14x FY6/13 EPS (12x previously), 0.7x PEG, alongside higher consumer peer valuations.
Source: Maybank Research - 8 August 2012
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