Padini Holdings Berhad: Maintain Buy - Another strong year; raising TP

• Weak quarter but strong year. The weaker 4QFY6/12 results were expected – net profit dropped 17% YoY to MYR15.1m.
• More importantly, however, FY6/12 net profit rose 26% YoY to MYR94.9m, making up 99% of our and consensus estimates, and marking the third consecutive year of earnings growth exceeding 20%.
• Padini continues to impress. We maintain our BUY recommendation with a higher TP of MYR2.61, pegged to 15x FY6/13 PER (14x previously).

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Source: Maybank Research - 30 August 2012