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Stock With Momentum: Padini Holdings
by Cals Thu 03 Dec 2015, 23:24
Stock With Momentum: Padini Holdings
By Asia Analytica / The Edge Financial Daily | December 3, 2015 : 10:24 AM MYTThis article first appeared in The Edge Financial Daily, on December 3, 2015.
[size=16]Padini Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 2.50) (+ve)
Shares of Padini (Fundamental: 2.8/3, Valuation: 1.5/3) continued to rise since it announced stellar 1QFYJune2016 results last Thursday, gaining a cumulative 15.1% to close at RM1.83 yesterday.
For 1QFY16, net profit expanded 65.4% y-y to RM31.8 million on the back of a 18.9% growth in revenue to RM269.6 million. The better performance was attributed to eight new store openings — four each for Padini Concept Stores (PCS) and Brands Outlet stores — and better gross margins due to stronger same store sales growth (23%) for PCS, thanks to improved pricing and merchandising strategies.
Concurrently, Padini declared a second interim dividend of 2.5 sen, which will go ‘ex’ on December 10. Dividends for FY16 totalled 5 sen, so far, similar with dividends declared in the previous corresponding period. It has net cash of RM225.9 million or 34.3 sen per share.
Padini is one of the largest home-grown fashion apparel companies in Malaysia, with household brand names such as Padini and Vincci.
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