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DATE : 10 December 2020

WHAT I WANT TO SAY?

1. AEON is trading below estimate of fair value (RM1.78)

2. AEON will be able to benefit from the recovery of the economy and consumer spending. On top of that, valuation appears much more attractive now. Although consumers increasingly shop online especially since the pandemic, I think that offline shopping will continue to have its place with an experiential offering that online shopping cannot displace

3. AEON is good value based on its PE Ratio (21x) compared to the XA Multiline Retail industry average (22.7x).

4. AEON dividend (4.17%) is higher than the bottom 25% of dividend payers in the MY market (1.45%).

5. AEON returned to the black with a net profit of RM16.36 million in its third quarter ended Sept 30, 2020 (3QFY20), after the retailer slipped into net loss of RM9.56 million in the preceding quarter ended June 30.

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