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NewsMIDF Research upgrades Parkson to Buy, raises TP to RM6.42
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MIDF Research upgrades Parkson to Buy, raises TP to RM6.42
by hlk Thu 24 Nov 2011, 18:24
KUALA LUMPUR (Nov 24): MIDF Research has upgraded PARKSON HOLDINGS BHD [] (PHB) to Buy from Neutral with a higher target price of RM6.42 (from RM4.82).
The research house said on Thursday that it was adjusting its sum-of-parts valuation to include the recent listing of Parkson Asia (PA) as well as stake dilution in PA to 67.6%.
“We also ascribed a higher PER12 for its China operation of 18.7x (previous 13.4x) and PRA (Malaysia, Indonesia and Vietnam) operations of 13.7x based on its peers average multiple (refer table D and E).
“We like PHB given its exposure to regional retail sector as well as its on track network expansion plan,” it said.
The research house said on Thursday that it was adjusting its sum-of-parts valuation to include the recent listing of Parkson Asia (PA) as well as stake dilution in PA to 67.6%.
“We also ascribed a higher PER12 for its China operation of 18.7x (previous 13.4x) and PRA (Malaysia, Indonesia and Vietnam) operations of 13.7x based on its peers average multiple (refer table D and E).
“We like PHB given its exposure to regional retail sector as well as its on track network expansion plan,” it said.
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