Excellent growth. Padini's 1QFY12 earnings were strong, with net profit
of RM27m up 47% YoY (+49% QoQ). Although above our expectations (1Q is
typically a strong quarter), we maintain our forecasts on anticipation
that sales could moderate into 2HFY12 on the back of slower domestic
consumption. For its strong retail presence and increasingly resilient
earnings model through its Brands Outlets, Padini remains a Buy with an
unchanged TP of RM1.16 (CY12 PER of 9.2x).
Maybank research (30 November 2011)
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