Just to reassure sceptical investors.. I've been recommending Parkson for a long time and have been accumulating for long time. TP still RM2.

From Parkson China division (PRGL) - 31/12/2017 Final Results

MANAGEMENT DISCUSSION AND ANALYSIS (Part 2)

Diversified retail formats on the right track
In 2017, we have seen many encouraging returns for our new retail initiatives. For instance, we launched the Qingdao Lion Mall in 2016 which offers over 200 brands with Parkson department store and Parkson supermarket as anchor tenants. Qingdao Lion Mall’s has achieved an occupancy rate of more than 95% since its opening and the high occupancy is backed by its carefully selected tenant mix and merchandise offering that fits local consumers. Constantly launching creative marketing campaigns, both online and offline, also helped to drive its successful launch. The mall has turned profitable during its first full year of operation in 2017 and we shall continue our efforts to optimize its tenant mix, marketing initiatives and operational efficiency.

Riding on the success of the Qingdao Lion Mall, we have expanded in to the “managed stores” business. In 2017, we were invited by a developer to manage a property in Nanning. Under the “managed stores” business model, the Group will manage commercial properties on behalf of property owners in return of management fees. The “managed stores” business is in line with our asset light model, and generates stable income stream for the group.

Our Parkson Newcore Citymall brand, a joint venture with Korea’s E  Land Group, added another store under the brand in 2017. The first Parkson Newcore Citymall which was opened in Shanghai is well known for its popular Korean themed merchandise and lifestyle elements and has achieved outstanding financial and operational performance right since its opening. Following its success, we opened the second Parkson Newcore Citymall in Nanchang in May 2017.

We have been developing our food and beverage (“F&B”) business since 2015 to offer a wide variety of F&B brands to the local consumers, as Chinese consumers become healthier and more lifestyle conscious. Our F&B outlets aim to offer a cozy, affordable and trendy dining experience to consumers in between shopping, to enhance our customer experience and to create synergies for our retail and F&B business. One of our key F&B brands is the renowned handmade Taiwan bakery brand “Hogan Bakery” that was introduced to China in 2016. Started from the iconic “Xin Tian Di” flagship bakery, Hogan Bakery is well received by local consumers and has become a quality brand among millennials and young families. In 2017, we had four “Hogan bakery” in prime locations in Shanghai and a centralized kitchen had been put in place to accelerate the chain’s future expansion.

From Parkson China division (PRGL) - 31/12/2017 Final Results

MANAGEMENT DISCUSSION AND ANALYSIS

The Chinese economy recorded a steady Gross Domestic Product (“GDP”) growth rate of 6.9% in 2017, exceeding the national target of 6.5% and the previous year’s growth rate of 6.7%. A key driving force behind the economic growth was consumption evident by the retail sales growth of 10.2% year-on-year. New retail driving growth “New retail” which is represented by a trend to merge e-commerce and physical retail stores seamlessly has flourished in China. The evolution of “new retail” has called for more personalized consumer experience and physical retail stores’ presence. Tech giants has been investing actively in physical retail companies, including department stores and supermarket chains to expand their offline presence. While the emergence of “new retail” has brought a lot of challenges to the entire retail industry in China, we see ample opportunities and positive signs ahead of us. Physical stores are increasingly benefiting from nationwide shopping festivals like the “Singles’ Day” which originated online. At Parkson, we have boosted our online marketing campaign and thus captured the opportunities brought by these online shopping festivals. For example, on the Singles’ Day in 2017, we have recorded a GSP of RMB188.5 million, presenting growth of 48.1%.

As a retailer with over two decades of retail experience in the country, we possess in-depth and first-hand understanding of consumer demand and expectations. We appreciate that Chinese consumers are increasingly discerning and they are not only brand conscious, but also quality focused. The new generation of Chinese is also looking for quality lifestyle, healthier food and entertainment to enjoy a balanced life. With such consumer insights, we have rolled out a series of new retail formats to cater to their dynamic demand for the past few years. Our financial figures have shown initial success. SSS grew by 3.2% in Q4 of 2017, compared with 1.4% during the same period last year. SSS in 2017 grew by 1.3%, turning around from a decline of 6.7% in 2016. The increase was mainly attributable to the strong performance of our department stores’ direct sales and the successful roll out of new retail formats like the Qingdao Lion Mall.

Such low volume.. but price down again n again.. so easily scared investors sell their shares in small amounts.. collect collect..

only stamp duty excluded so far i believe.

I sold off all of my shares. Based on my own valuation this stock has potential and is quite cheap however as some forumer mentioned the management seem to not have proper investment division for their float and improper direction for underwriting i.e. possible over-underwriting of insurance products without proper regards for claim risks to increase NEP (net earned premium) yearly. I have had my doubts since the previous CEO stepped down but I will be monitoring if there are any changes with the new CEO and actuary.

kelvin61.. Agreed. They seem to constantly know the valuation of Parkson but never explain how they calculate share price. I think everytime someone gives a new quote, someone else should ask "How did you get that valuation?". Do post some real news about Parkson here not your emotions.

Major impairment for theme park (MAPS) which was Not itemised in the quarterly report
however i believe it is possible out of RM500+mil cost for developing MAPS, RM200-300mil has been impaired.

Currently whole company selling for RM100mil (RM1x1mil shares outstanding). If i have that much money, I surely buy & sapu 100% of the shares at current price..!

I think Only World Group has started doing a better job at making MAPS a success.

PRGL-Parkson China (23/02/2018):

HIGHLIGHTS

Operating profit for 2017 was RMB83.7 million,

a turnaround increase of RMB285.6 million

compared to the operating loss of RMB201.9 million recorded in 2016. Same Store Sales (“SSS”) increased by 3.2% and 1.3% during the fourth quarter (“Q4") and financial year 2017 (“FY2017”) respectively. Total Gross Sales Proceeds (“GSP”) decreased by 3.9% to RMB15,953.8 million due to decrease in store numbers. The Group recorded loss attributable to owners of the parent of RMB136.0 million in FY2017, mainly due to one-off losses recorded during the year. Excluding these one-off items, the Group’s loss attributable to owners of the parent would be RMB17.5 million, an improvement of RMB395.4 million compared to FY2016’s results excluding one-off items. Profit attributable to owners of the parent of RMB147.3 million in 2016 was inclusive of one-off disposal gain of RMB1,282.9 million and one-off impairment loss of RMB402.0 million. Excluding these one-off items, the Group’s loss attributable to owners of the parent for FY2016 would have been RMB412.9 million.

Extra Info:
Tomorrow onwards I believe there will be no trading, clearance and stamp duty cost for this counter and other small-medium cap companies in Malaysia.. I wonder if shareholders large and small will start to trade more and more and cause price to goreng up..

Parkson shareholders are smart enough to know some people here want price to go down so can privatise cheap cheap. These people here also scared price go up soon so everyday post nonsense negative sentiment news..

TP RM2

Genuine offer from newbie. How come you don't want to sell at your TP??

hm.. Well it is only right if people compare my comment history with yours;

http://klse.i3investor.com/servlets/cube/post/ks55.jsp

sell to me for 40 sen? I will first take 700 lots thank you.

TP RM2

FYI., majority shareholder like Mr WC need not come out with own money to privatise.. AND ALSO,. PARKSON HAS MONEY. read and keep up to date with management.. You want to get left behind and lose money buying expensive stocks go ahead. but dont cheat ppl who can buy bargain stocks like Parkson for long term.. Plus, if you have no short interest i'm quite sure you are a promoter for privatisation. if you are just here for fun then you must be so-high..

We wont sell our share at RM1 if Parkson is offered to be privatised! Only at RM3 and above we shall consider.. CASH on hand RM3.197 BILLION. Sorry ks55, no one will sell shares to your privatisation drive at current prices.


Edge Weekly
Cover Story: Potential privatisation targets
Ben Shane Lim
/
The Edge Malaysia

February 01, 2018 16:00 pm +08

This article first appeared in The Edge Malaysia Weekly, on January 22, 2018 - January 28, 2018.


Parkson Holdings
Price to book: 23.9%
Net cash to share price: 96.38%
Price to earnings: Loss-making
Opportunity: Parkson has lots of cash on its books — RM3.197 billion — the result of the disposal of Beijing Huadesheng Property Management Co Ltd. On a net basis, Parkson has RM555.4 million cash or almost 96% of the group’s market capitalisation. The group is 32.6%-controlled by Tan Sri William Cheng.

Challenges: To take the company private, Cheng would need to muster about RM430 million (assuming a 10% premium). Funding may be challenging as Parkson is loss-making.

It also has RM2.077 billion worth of HK dollar-denominated bonds that are maturing in May this year. Refinancing the bonds may be easier with a listed entity that can tap the capital markets for funding.

Most of the group’s cash (about RM2.9 billion) is deposited in China and is subject to foreign exchange controls. Only RM110 million is estimated to be held in Malaysia.

opening and closing to improve profitability is good management. previously investor's problem psychologically was no online business, debt etc. Currently a lot of good news in the background. Price will pick up or skyrocket upwards.

Sentiment is positive moving forward. Target price RM2.
Parkson has new malls JV with Korea's giant E-land group, new management of other malls biz, new lifestyle model with F&B and
NOW Online Retailing..
Parkson's partner's share is up 34% in the past 5 days around time of announcement. PRGL up 8%. only matter of time before managers realise they should buy now when price cheap. once they start making more money, price wont be this cheap.

Pen6.. That means Parkson price going to skyrocket upwards soon. RM50? woa..
curious2.. ppl who buying know.. soon malaysian funds will probably start to have to buy..
so the correct song is 昨天我们买, 今天买, 每天买. haha.

if Parkson becomes Online Retailer can price go up to RM2,.. RM3... or even RM5 ?

I'm surprised how come no one sharing background good newss. Mostly I see funny opinions..

thank you for selling cheap cheap. Good news is lurking around.

I believe got many shareholders or traders who don't care/unaffected by this company's valuation. Maybe some shareholders get free shares or cheaply converted shares. Perak Corp Bhd NTA is RM5.56. Share discount is 74.8%! If no shareholder sell at dumb times, price now surely up to RM2.0 since the last uptrend towards RM1.65.

Positive Quarter by Parkson in China which is Parkson's biggest market!

Parkson's turnaround efforts are ongoing with 1 shopping mall, 2 Parkson Newcore Citymalls, gourmet supermarkets, fashion and Food & Beverage outlets in over 30 major cities across China.

Parkson8888.. yes. whoever can attend should do so! Can recommend good ideas & ask good questions. My idea would be Parkson do a TAKEOVER/BUYOUT of other profitable business like Oldtown with management intact. Worse come to worse, after few years can sell out Oldtown to a leverage-buyout firm. Parkson consulting with professional investment advisors i.e. Goldman Sachs can also do much good for shareholders.

See Tesla stock, negative earnings but price can up from $150 to $300. Good story. That's all people/investors seem to be interested in.

Cheap/undervalued/accounting seems irrelevant. If everyone believes Parkson turnaround effort is a good story, I believe share price will continue upwards.

Old news ks55..
Parkson response:
As stated in Note 2.1 to the audited financial statements (page 62 of the Annual Report), the board of directors of the Company (the "Board") is of the view that it is appropriate to prepare the Group’s financial statements for FY2017 on a going concern basis, as the Company's ultimate holding company, Parkson Holdings Berhad, has agreed to provide financial support for the twelve months following the date of the said financial statements to enable the Group to meet its financial obligations as and when they fall due,
and
the Board is also of the view that the Group WILL BE ABLE TO GENERATE SUFFICIENT CASH FLOWS from its operations. For the foregoing reasons, the Board is therefore of the view that the Company will be able to operate as a going concern. (b) The Board confirms that all material disclosures have been provided for orderly trading of the Company’s shares to continue.

Sorry Amazon, in Singapore People Love to Go Shopping
https://www.bloomberg.com/news/articles/2017-10-08/amazon-challenged-by-air-conditioned-malls-alibaba-in-singapore

Amazon's Sales Tax Fight Is Heating Up as States Crack Down
https://www.bloomberg.com/news/articles/2017-10-09/amazon-s-sales-tax-fight-is-heating-up-as-states-crack-down

Retail is NOT a winner take all game. Online retail is still small only about 4-5% in Singapore for example. Shopping is more of an experience. Cheap cheap items from online shop may be gone and become the same prices as in departmental stores once governments start imposing taxes on online businesses around the world.

@ Kelvin 61. You are welcome. I'm just spreading actual news about Parkson. This is compared to fake news punters like some people in this forum.

@ speakup, Online shopping? How many percent of the global shopping is online? Will online shopping still be able to compete with large retailers like Parkson once taxes are imposed on them? & Are you sure Parkson is not working on online services?

I recall someone asking me if I would put all my money in Parkson. I came close to investing an equivalent amount of 1 property into Parkson when it went below par value of RM1. An opportunity arose so that capital was reinvested in another non-listed biz before Parkson price went below RM1. The majority of my stocks Portfolio is still in Parkson.

My target price is RM1.40. As I mentioned before, if volume continues or if larger buyer(s) enter, Parkson price will skyrocket upwards.

Good news regarding online business issue (as I mentioned before in today's news).

Online businesses that can sell at lower prices as they currently pay little to no tax will now onwards be subject to incoming tax regulations.

Once online business cannot sell at lower price, they will lose to bigger companies like Parkson as they cannot get bulk discounts and due to economy of scale benefits that Parkson has.

http://www.thestar.com.my/business/business-news/2017/09/19/taxing-the-digital-economy/

It is most likely the negative commenters here own 0 Parkson shares. 0.515-0.52 will be good to up ownership but i don't think can down that much. I cant predict the future but there might be good reason why it might not down much.

Investors buy value for money assets at the best price possible and keep. Traders look at trend and trend will be upwards soon if volume continues and price up a bit by bit.

Best time to buy is when share price is down. You will never know when negative sentiment will change to positive especially when Parkson has started to show cash inflows as of latest quarter. Cash is the easiest asset to track and the most difficult to make a mistake on as you just have to audit and check their bank account.

Stock: [PARKSON]: PARKSON HOLDINGS BHD
Aug 24, 2017 11:52 AM | Report Abuse

Parkson Retail Asia Q4 2017 Cash Flow seems to be much higher.

OPERATING CASH FLOWS before changes in working capital:

Year ended 30/06/2017; S$19,164,000
Year ended 30/06/2016; S$25,130,000

Quarter ended 30/06/2017; S$9,677,000 **
Quarter ended 30/06/2016; S$2,356,000


NET CASH GENERATED from operating activities:

Year ended 30/06/2017; S$51,221,000 **
Year ended 30/06/2016; S$26,192,000

Quarter ended 30/06/2017; S$55,039,000 **
Quarter ended 30/06/2016; S$5,880,000


Today:
Yes I am a junior in the stock market that knows how to value businesses and comment on businesses I either know about or own.

ks55, why don't you sell me/us your stocks and go play golf? UNLESS, you don' have any stocks and are being paid to give negative comments & FALSE statements.. We've been reading your asinine comments for 2 years plus now.

Real investors and even traders here will make money as long as they don't sell Parkson shares and buy more until it reaches its actual valuation RM1.40 and above.

Well, there it is. PUNTers are the the people that have been negatively commenting on Parkson WITHOUT any whatsoever facts and figures besides saying online is taking over the world and down trend will cause prices to fall down to nothing.

If thats the case, why dont these PUNTers offer the sale of your houses that aren't collecting sufficient rent or no rent at all at market price divided by 4? That is Parkson's current valuation.

Do give suggestions of other good stocks. However, if you recommend wanda/cp/carrfour/alibaba etc, tell us what are the valuation of these stocks. Dont just simply say internet is the way forward, sell everything and buy even at 197 P/E for Alibaba. Tell us what are the asset value net liabilities and then say the business is expanding well etc etc and will be good for investment.

Then again, PUNTers..

Truth is you and your negative sentiments buddies mostly don't own any Parkson shares and are probably promoters for 3rd party investors. And rarely are any fundamental analysis based of facts and figures shown. Mostly we read are your FEELINGS towards these businesses.

Anyone with skin in the game or who owns Parkson shares will provide positive solutions & suggestions to other shareholders and to management. As an idea, if shareholders on this forum get together, we can possibly put up a Shareholder Proposal that can benefit everyone.

Additionally, investors should regularly read audited statement from the companies whose shares they own. If you are doubtful of audited statements find something else to invest in that you can trust, understand, and feel comfortable investing.

@joetay; I doubt game over businesses that are suppose to close shop can sell RM8.28bil worth of merchandise in China in 2016 while opening and building new stores/malls and acquiring or JV with F&B businesses and with foreign retailer like E-land, start selling self owned brands with exclusive rights of sales from certain brands etc.

Jim Chanos (investor) was mentioning on CNBC (13/09/17 12.24am), Alibaba's accounting is severely doubtful and their corporate governance is worse than non-existent. Comparatively, Parkson has been rather straight forward by deducting new store costs from sales&profit numbers and have been honest with their negative period earlier to the current positive outlook.

I believe this is the 3rd time I am restating this statement:

" RM1.40 is my TP as it can be viewed as Parkson's liquidation value. Its real so called asset valuation; Parkson Bhd's NAV = Net Asset Value = All assets minus(tolak) all liabilities = RM2.34.

A going concern/onto-the-market valuation of Parkson should be much higher than my TP. Simple, find me a company that is selling for (market capitalisation) RM581mil now that sells RM12bil of merchandise with net assets RM9.4bil (2016 consolidated financial position) with 69% business in China with a founder that has numerous friends and connections.

RM1bil plus of cash net 2018 bonds can buy numerous business today. Why should we sell out our company when we can acquire other businesses. "

Retail is not a 1 business win all game as long as history has shown.

When large businesses are buying smaller on-the-ground biz like Parkson, investors will make more money investing in target businesses like Parkson rather than the acquisition hungry businesses like Alibaba that are already selling at super incredibly high valuations.

Parkson's price should be at least RM1.40 before discussing their competition. For now, Parkson just have to intelligently allocate their capital that is in their bank and continue with their transformation.

Well, as far as I know many big Online Businesses are buying brick-and-mortar businesses like Parkson including Alibaba with their recent purchase of Intime which was on my radar sometime back. If u compare Intime and Parkson, Parkson has a much better distribution, better financial position, better product placements in terms of profit margins.

Alibaba probably bought Intime (besides tech reasonings) because Intime had more on the ground assets concentrated at certain locations, which is what Parkson has been doing lately by building their own malls and also now newly Parkson will begin to help handle mall management for other real estate developers.

Price of shares are based on sentiment. A more positive sentiment will see Parkson's price to up and increase.

Im not sure but if they plan to privatise even at RM3 or RM4 I wont sell my shares. All we need is 10% of shareholders to say no to block a privatisation and claim for a rightfully higher price. Perak Corp has an NTA of RM5.56 for a company that is developing strategic points in the state of Perak, with the support of the state itself with good fundamentals. And there seems to be very little shares in the market aka low liquidity which can cause sudden spikes/increase in price.

Mason: No doubt online shopping is a wonderful thing. However, for now it makes up a low percentage of total retail sales.

Despite this, the issue is currently; Parkson upon checking their financials statements, the shares are worth a whole lot more than current price. As I mentioned earlier, they have over RM1bil in cash which they can use to do anything including acquiring an online business though Parkson has already begun working on online shopping. And their rather new division Parkson Credit has been growing constantly.

If everyday minority shareholder sell, price will usually go down considering the absence of large buyers lately. However, if large buyer(s) comes in I wonder what the sellers will do.

There appeared to be some weird or fake sell orders today and maybe yesterday as well. Whoever it may be, a licensed market maker or a shareholder, I believe the price of Parkson is way too cheap currently. Should volume of buying increase, I believe even the fake orders will go away as these people probably will only lose money (also due to lack of hedging services locally) if they try to suppress via manipulation/market making.

Besides that, previously many online businesses managed to eat large retailer's market share by selling at lower prices as they were escaping their tax liabilities especially in China as taxing an online biz is a bit tricky and new. However now, it should be more regulated. This will be good businesses like Parkson.

I believe many investors big and small are reluctant to invest because of all the new and exciting businesses out there, failing to see old undervalued businesses can typically make more returns on investment & even more returns if they can adapt & transform or acquire new businesses. On this note, if Bloomberg Malaysia was still around and covered Parkson every now and then, most probably Parkson's price has shot up by now and also up on those few quarters i.e. when large cash sum came into Parkson's account etc.

Wa.. RM1.46 for a company with NTA of RM5.56 with good 10yr track record. I'm sure all who is buying today at this price are very happy. Last time privatisation rumours/talks begun price went above RM3.

RM1.40 is my TP as it can be viewed as Parkson's liquidation value. Its real so called asset valuation; Parkson Bhd's NAV = Net Asset Value = All assets minus(tolak) all liabilities = RM2.34.

A going concern/onto-the-market valuation of Parkson should be much higher than my TP. Simple, find me a company that is selling for (market capitalisation) RM581mil now that sells RM12bil of merchandise with net assets RM9.4bil (2016 consolidated financial position) with 69% business in China with a founder that has numerous friends and connections.

RM1bil plus of cash net 2018 bonds can buy numerous business today. Why should we sell out our company when we can acquire other businesses.

Thank you for pointing that out. It is very attractive when you are getting free shares in a company that is worth a whole lot more so I loved the share dividend personally as I didnt have to buy too many shares when the price dropped. Plus Parkson was buying their own shares that had a gross margin of 16% plus I believe, with cash that earns probably 3% in Malaysia and whatever the rate is in Hong Kong.In share buy backs, as long as you purchase something that gets a higher return than cash it is considered postive.

Yup. TTB has not lost any money as of yet. Paper loss means you lost money on paper and not in reality. You only lose money in reality when you sell a stock. This is as stocks/shares are part ownership of a business so if the business turnsaround/privatised/prospers so does the sentiment of stock/shares buyers. Well, on the part why is he holding so much cash, I am probably with you on that one but we could be wrong.

I'm not recommending anyone to buy anything but merely pointing out Parkson currently is very cheap due to constant negative sentiment. This is as lower price means more shares to buy for people like me. Once investors become slightly more optimistic, this train should move pretty fast upwards.

Its hard to say Parkson8888. In U.S. is easier I heard to get information on who is buying and selling. There are some companies that specialise in informing investors on big buyers/sellers of stock. What I can say is everyone/every report writer has their own agenda.

The good thing is If you check since 2014, all bearish reports have actually helped Parkson to buy back shares and distribute bonus shares to patient investors at very low cost. Contrastingly, it would have also benefitted short sellers and share trading bank operations and other factors.

I will off hand mention interestingly as of 2016 Annual Report, Tabung Haji is a substantial shareholder of Parkson at 103,763,219 shares making up 9.6% of Parkson shares.

@joetay

Time to buy is now. Price now is very cheap. The shares are worth RM1.40 minimum in my opinion. That is the value of Parkson's Total Assets-Total Liabilities-Intangible Assets=RM1.40 thereabouts.

Plus, how would you value Parkson say if they usw their cash pile and Bought a company like Oldtown and report higher cash flow and possibly profits?

If u mean there has not been any bonus or stock price adjustment post bonus you definitely are NOT a Parkson shareholder. Possibly a short seller or 3rd party promoter. If you go to Bursa main page for Parkson there has been FIVE (5) bonus issues since 2014.

ttb is Tan Teng Boo? As far as I know, He has not lost any money in Parkson as he has not sold any of it. And I believe his fund has still over performed Bursa to date with lots of cash in hand though I'm not a shareholder of Icap.

If some "sifus" say Parkson is so bad, got no future or make losses for the past 3Q out of 4, how come its cash can go up from RM1,904,651,000 to now RM3,142,234,000 and the stock is still worth so little now?

Simple. Investor sentiment, mostly sentiment of retail/small time investors. Institutional/big investors usually can only invest when a there is accounting profits/dividends/etc. By the time this happen it'll be too late for retail investors to accumulate cause larger volume will cause the price to increase fast.

My simple calculation is the given NTA minus any doubtful assets. Currently it is safe to assume RM1.40 thereabouts is a good current TP after current Quarter 4 (Q4) 2017 unaudited report. Proper valuation must be based on years of financial info and a best guess business outlook. Parkson8888, I cant give out all of my data but I will share as much facts as I can regarding Parkson.

Parkson for the past 3 years in particular has used fast depreciation accounting and always write off doubtful assets. I believe their accounting practice is rather transparent. Meaning if they spend lots of money for new stores, they deduct a lot of cost in the 1st year itself rather than spread the cost over many years. So, you get losses.

Note when Parkson sold off its China unit Beijing Huadesheng Property Management and a relevant shareholders’ loan, the PROFIT & LOSS (P&L) will show say RM300mil profit. THAT is the hidden value is Parkson's assets. Meaning RM300mil was not previously shown as NTA because NTA usually use old asset valuation.

Best part is when IBs used recent P&L to base their target price, they dont calculate the asset above which was sold at a profit of RM300 but incoming cash of RM1bil + the profit RM300mil that went in Parkson's balance sheet/bank.

Parkson8888, share price is not equal to company value. Share price equals investor sentiment. Actual value can be calculated by investors via balance sheet. To calculate, take whatever asset you have valued the best you can net liabilities DIVIDE total outstanding shares. To answer you Q, its other assets are worth RM0.993 above the cash value you provided assuming your calculation was right.

My associate recently wrote to Parkson. All Investment Bankers reading this, I recommend you to propose to Parkson to refinance their 2018 bonds at lower rates preferably in UK at lower rates. And to use current cash hoard in Parkson's banks to acquire a profitable business like Oldtown and help them grow faster in a tricky market like China. If you can get the above ideas done with proper paper works, I hope Parkson pays you adequately and implement such strategies. It is noted they already have many strategies in place.

Thank you to all the "sifu" comments for the past 3 years. I'm sure your biased reviews on Parkson has helped yourselves or a number of investors in either profiting from short selling or accumulating more of Parkson shares. I personally have been accumulating.

Valuation of Parkson currently is grossly wrong. If you want to buy the whole of Parkson;

RM581mil now for a business that sells RM12bil of merchandise with net assets RM9.4bil (2016 consolidated financial position).

Parkson Bhd's NAV = Net Asset Value = All assets minus(tolak) all liabilities = RM2.34.
NAV minus(tolak) Intangible assets which includes Goodwill = RM1.54 thereabouts. This does NOT include assets at current valuation. All old valuation.

Parkson's business is 69% based in China based on its 2016 Annual Report and total revenue source. China's retail is growing at about 10% a year recently. Parkson is doing many things to grow their business. Currently Parkson has started running stand alone brands like Mango, Lol, Spao etc.

WIth deposits, cash and bank balances of RM3,575,141,000, Pakson Bhd can easily start acquiring good profitable businesses and let them run by themselves. And Parkson can use their connections in China and their capital to further improve these acquired businesses.

Any share cannot be worth nothing. Parkson price has come down so much and is already reflecting current and future losses. Its current assets, distribution channels, management skills, WC's ability to make JV with big comapnies like E Land are all being discounted.

In other words, Parkson price already too cheap even with losses.

疑惑深，智慧深；疑惑浅，智慧浅。
Parkson Bhd price is based on mostly local sentiment. In 2017, Lion counters all up until recently but Parkson down. There seems to be no domino effect unless people believe in wrong things. Investors believe both companies are linked in price. They are separate businesses. Parkson is big enough to overcome its problems. Now share price big discount from assets.

In my opinion mostly institutional investors short Parkson as small timers rarely get to short stocks on Bursa. Parkson Bhd price is currently based on all negative sentiments. My safe TP is RM1.54. If continue losses, just revalue downwards from Parkson's NTA RM2.34.

Correct me if I'm wrong, I'm not sure how Lion Diversified being delisted affects Parkson. They are separate companies. If delisted, they are still operating businesses. IF Lion company(s) bankrupt they can sell their Parkson shares in block to another private single/multiple buyer and NOT in open market.

PRA made accounting losses. Parkson bhd has NTA of RM2.34. Even after minus Intangible assets, NTA is RM1.54 thereabouts. Parkson Bhd sold products worth RM12,037,479,000 in 2016. Now its market cap is RM581,000,000. For comparison, Oldtown Bhd has an NTA of RM0.82 sold products & services worth RM393,406,208 in 2016. Now its market cap is RM1,288,000,000. That is Parkson sold 30.6x more goods & services than Oldtown but is worth almost half of Oldtown. Even if Parkson Bhd is making losses, can its shares be worth nothing? Thats like saying you can get free food from a shop just cause it doesnt taste as good as you would like it.

Parkson Retail Asia Q4 2017 Cash Flow seems to be much higher.

OPERATING CASH FLOWS before changes in working capital:

Year ended 30/06/2017; S$19,164,000
Year ended 30/06/2016; S$25,130,000

Quarter ended 30/06/2017; S$9,677,000 **
Quarter ended 30/06/2016; S$2,356,000


NET CASH GENERATED from operating activities:

Year ended 30/06/2017; S$51,221,000 **
Year ended 30/06/2016; S$26,192,000

Quarter ended 30/06/2017; S$55,039,000 **
Quarter ended 30/06/2016; S$5,880,000