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Stock With Momentum: Padini Holdings
by Cals Sat 06 Feb 2016, 02:17
Stock With Momentum: Padini Holdings
By Asia Analytica / The Edge Financial Daily | February 5, 2016 : 10:02 AM MYT.This article first appeared in The Edge Financial Daily, on February 5, 2016.
Padini Holdings Bhd (-ve)
SHARES of Padini (fundamental: 2.5/3, valuation: 2.1/3) continued to rise yesterday, gaining 0.96% to close at RM2.10 after hitting its one-year high of RM2.17 earlier in the day, despite the absence of new material announcements. Year-to-date, the stock has risen a cumulative 12.3%.
Padini is one of the largest home-grown fashion apparel companies in Malaysia, with household brand names such as Padini and Vincci.
For its first quarter ended Sept 30, 2015 (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 the opening of eight new stores — 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.
Padini has a history of rewarding shareholders with dividends, with dividends for FY16 totalling 5 sen, so far. For FY15, dividends amounted to 10 sen, or a yield of 4.8%.
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