Stock Name: PARKSON
Company Name: PARKSON HOLDINGS BHD
Research House: ECMLIBRA
ECM Libra Investment Research has maintained its "buy" call on Parkson Holdings, with the target price unchanged at RM6.70.
In a research note today, it said the target price is unchanged, pending an anticipated better results in the second quarter financial year 2011, due to year-end festivities and strengthening domestic consumption growth in China and Malaysia.
The research house said Parkson's first quarter financial year 2011 core net profit of RM76.2 million was in line with its expectations.
Parkson's net profit rose by 18 per cent year-on-year in spite of revenue increasing by only two per cent.
"The weak revenue growth was the result of lower ringgit-denominated revenue given the currency''s strength against the Chinese renminbi and Vietnamese dong," it explained.
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