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HwangDBS maintains 'buy' call on Parkson (5657)
by hlk Fri 13 Jul 2012, 19:46
HwangDBS Vickers Research Sdn Bhd has tweaked up Parkson Holdings Bhd's 2012-2014 financial earnings by between one
per cent and five per cent.
The
research house said it favoured the retailer, as it was a proxy to the
rise of consumer spending, tapping on the huge long-term growth
potential in China and South East Asia.
From a valuation
perspective, Parkson Holdings' one-year forward rolling price earnings
ratio has dropped 11.4 times, below its mean of 14.4 times, however,
still higher than its record low of 6.3 times.
"Its share price would be RM5.91 if it reverts to its historical mean, and could fall to RM2.59 at trough price earnings ratio.
"More
interestingly, the stock is now trading close to its historical low
price-to-book-value multiple, implying relatively limited downside to
RM3.73, compared with the upside potential, to RM6.81," it said in a
research note today.
HwangDBS Vickers maintained its "buy" call
on Parkson Holdings with an upgraded target price of RM5.40, from the
previous RM5.30, which implied a total potential return of 19.1 per
cent. -- Bernama
per cent and five per cent.
The
research house said it favoured the retailer, as it was a proxy to the
rise of consumer spending, tapping on the huge long-term growth
potential in China and South East Asia.
From a valuation
perspective, Parkson Holdings' one-year forward rolling price earnings
ratio has dropped 11.4 times, below its mean of 14.4 times, however,
still higher than its record low of 6.3 times.
"Its share price would be RM5.91 if it reverts to its historical mean, and could fall to RM2.59 at trough price earnings ratio.
"More
interestingly, the stock is now trading close to its historical low
price-to-book-value multiple, implying relatively limited downside to
RM3.73, compared with the upside potential, to RM6.81," it said in a
research note today.
HwangDBS Vickers maintained its "buy" call
on Parkson Holdings with an upgraded target price of RM5.40, from the
previous RM5.30, which implied a total potential return of 19.1 per
cent. -- Bernama
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