Padini
1
M&A Securities
PP14767/09/2012(030761)
Initiation Coverage
5 March 2013, Tuesday
PADINI
“Middle income specialist as a defensive stock for 1Q13”
BUY (FV: RM2.32)
Current Price (RM) New Fair Value (RM) Previous Fair Value (RM) Previous Recomm. Upside To Fair Value RM1.82 RM2.32 NA NA 27.47%
Dividend Yield
3.39%
Market Access
Padini Holdings Berhad is a Malaysia-based investment holding company. The company sells both i) men’s and ladies’ shoes and accessories; ii) garments: iii) maternity wear through various subsidiaries. The most prominent brands are Padini and VINCCI. It’s mainly exported their goods to Asian Countries. In 1995, Padini Holdings Sdn Bhd was converted to a public listed company and changed their name to Padini Holding Berhad soon they’re listed in Second Board in KLSE. Padini was then transferred to the Main Board in 2005. We initiate coverage for Padini with a BUY call with fair value of RM2.30. The Fair Value is derived by pegging its 1-year P/E of 12.46x to its FY13 EPSf at 18.75 sen. It has a 34.1% upside to the current price.
Stock Code
Bloomberg PAD MK
Stock & Market Data
Listing Sector Shariah Compliance Issued Shares Market Cap YTD Chg In Share Price Beta (x) 52-week Hi/Lo 6M Average Volume (shares) Estimated Free Float MAIN MARKET Consumer No 657.9mn RM1164.5mn -4.32% 1.16 RM1.19 RM2.37 1.45mn 50.1%
Major Shareholders
Pang Chaun Yong ASB Capital Dynamics Asset Management Royce And Associates INC 43.97% 5.01% 3.45% 2.33%
Accolades: 2009: Recognized as one of the Malaysia’s Top 30 Most Valuable Brands 2012: Recognized as one of the Malaysia’s Top 30 Most Valuable Brands 2012: Awarded Putra Most promising Brand of the Year
research@mna.com.my 03-26918887 ext 111
Initiation Coverage- Padini
Padini Brands Padini Padini Authentics
Description Garments for office and official occasion for mid-20’s and 30’s for both gender. Casual wear for both between aged 5 to 45. genders
PDI
M&A Securities
PP14767/09/2012(030761)
Initiation Coverage
5 March 2013, Tuesday
PADINI
“Middle income specialist as a defensive stock for 1Q13”
BUY (FV: RM2.32)
Current Price (RM) New Fair Value (RM) Previous Fair Value (RM) Previous Recomm. Upside To Fair Value RM1.82 RM2.32 NA NA 27.47%
Dividend Yield
3.39%
Market Access
Padini Holdings Berhad is a Malaysia-based investment holding company. The company sells both i) men’s and ladies’ shoes and accessories; ii) garments: iii) maternity wear through various subsidiaries. The most prominent brands are Padini and VINCCI. It’s mainly exported their goods to Asian Countries. In 1995, Padini Holdings Sdn Bhd was converted to a public listed company and changed their name to Padini Holding Berhad soon they’re listed in Second Board in KLSE. Padini was then transferred to the Main Board in 2005. We initiate coverage for Padini with a BUY call with fair value of RM2.30. The Fair Value is derived by pegging its 1-year P/E of 12.46x to its FY13 EPSf at 18.75 sen. It has a 34.1% upside to the current price.
Stock Code
Bloomberg PAD MK
Stock & Market Data
Listing Sector Shariah Compliance Issued Shares Market Cap YTD Chg In Share Price Beta (x) 52-week Hi/Lo 6M Average Volume (shares) Estimated Free Float MAIN MARKET Consumer No 657.9mn RM1164.5mn -4.32% 1.16 RM1.19 RM2.37 1.45mn 50.1%
Major Shareholders
Pang Chaun Yong ASB Capital Dynamics Asset Management Royce And Associates INC 43.97% 5.01% 3.45% 2.33%
Accolades: 2009: Recognized as one of the Malaysia’s Top 30 Most Valuable Brands 2012: Recognized as one of the Malaysia’s Top 30 Most Valuable Brands 2012: Awarded Putra Most promising Brand of the Year
research@mna.com.my 03-26918887 ext 111
Initiation Coverage- Padini
Padini Brands Padini Padini Authentics
Description Garments for office and official occasion for mid-20’s and 30’s for both gender. Casual wear for both between aged 5 to 45. genders
PDI