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NewsSingapore’s GIC buys into Parkson
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Singapore’s GIC buys into Parkson
by hlk Sun 28 Aug 2011, 20:49
KUALA LUMPUR: The Government of Singapore Investment Corporation Pte Ltd has emerged as a substantial shareholder in PARKSON HOLDINGS BHD [] with a 5.03% stake
According to a filing to Bursa Malaysia, the Singapore GIC had acquired 55.028 million shares as at Aug 24, Wednesday.
The shares of the department store operator were acquired from the open market.
RHB Research Institute is maintaining its Outperform recommendation on Parkson.
In its recent research note, it said its sum-of-parts derived fair value was unchanged at RM6.40.
“Due to Parkson’s positive results and its positive growth outlook, we reiterate our Outperform call on the stock,” it said.
RHB Research said Parkson’s FY06/11 core net profit of RM345.9 million (up 10.1% on-year) was in line with its and consensus estimates, accounting for 100% and 98% of its and consensus full-year forecasts respectively.
According to a filing to Bursa Malaysia, the Singapore GIC had acquired 55.028 million shares as at Aug 24, Wednesday.
The shares of the department store operator were acquired from the open market.
RHB Research Institute is maintaining its Outperform recommendation on Parkson.
In its recent research note, it said its sum-of-parts derived fair value was unchanged at RM6.40.
“Due to Parkson’s positive results and its positive growth outlook, we reiterate our Outperform call on the stock,” it said.
RHB Research said Parkson’s FY06/11 core net profit of RM345.9 million (up 10.1% on-year) was in line with its and consensus estimates, accounting for 100% and 98% of its and consensus full-year forecasts respectively.
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