Posted by yucaihacai > 2017-10-02 19:25 | Report Abuse

also sold 0.65-0.665, thanks kosong 55, Joetay, Pen six and Sin chew today Mr Lee

Posted by yucaihacai > 2017-10-02 19:25 | Report Abuse

思索策略．重塑定位．百盛零售业巨人
Author: Tan KW | Publish date: Sun, 1 Oct 2017, 08:00 PM

2017-10-01 19:22
百盛是国内家喻户晓的零售大咖，掌握强大零售网络，财务基础强健，截至2016财政年共在5个国家经营127家分店，在中国享有“外资百货第一店”美誉。6年前，电商的崛起使百盛渐渐陷入泥沼，这是因市场消费大量涌向电商，严重冲击实体店销售，百盛过去几年业绩颓势正是拜电商横行所赐。
百盛是国内家喻户晓的零售大咖，掌握强大零售网络，财务基础强健，截至2016财政年共在5个国家经营127家分店，在中国享有“外资百货第一店”美誉。

6年前，电商的崛起使百盛渐渐陷入泥沼，这是因市场消费大量涌向电商，严重冲击实体店销售，百盛过去几年业绩颓势正是拜电商横行所赐。

转型至“生活方式零售商”

面对消费形态急转，百盛很快重新思索生意策略，一番筹谋后勇敢决定重塑业务定位，从“百货零售商”转型成“生活方式零售商（lifestyle Retailer）”，以更有效融入消费者生活，跟上时代步伐。

这转型看似简单，内容和执行难度却毫不马虎。要成为生活方式零售商，百盛必须丰富业务元素，提供网购所不能及的零售体验，让“买东西”升华为“品味生活”。

配合转型，百盛近年可谓非常忙碌，除了积极与各国际品牌建立合作关系，也发展信贷业务和饮食业务，还在中国青岛筑起百盛金狮广场，上海和南昌则多了百盛优客城市广场，百盛超市也诞生了，这些新元素令百盛渐渐找回活力。

此外，百盛也重新检视旗下分店，表现欠佳的分店都陆续关闭或改革翻新，部份资产被套现后挪用至新业务上，另外也继续在适合地点增设分店，调整产品组合则令赚幅更高的直接销售比重稳定增加，分店运作效率亦获提升，可谓多管齐下。

以上说的种种策略正在乏人察觉下带来良性影响，令让笔者深信这家历难多年的零售钜子，已渡过最坏的时期。

转型成败看中国

就收入来源而言，中国和大马是百盛最重要的两个市场，其中更以独自贡献66%营业额的中国尤其重要；因此百盛转型成败，关键之一就是能否扭转中国业务颓势。

中国贡献66%营收

在刚结束的2017财政年里，中国业务上半年报8524万令吉营运亏损，但因转型计划开始释放效益，在第三和第四季却开始转亏为盈，写下2057万和2279万令吉营运盈利，开始看见曙光。

Ads by ZINC


这是个特别重要的转折点，因亚洲电商革命之火正是在中国燎起，当地网购风气极盛，实体店面对异常严峻挑战，但百盛却透过积极改革慢慢稳住阵脚，显示有能力应付逆境，更重要的是证明其转型是有效的。

鉴于业务现曙光，控制中国业务的香港上市子公司百盛零售控股（Parkson Retail）股价开始反弹，今年至今已累积55%涨幅，母公司股价近期也有起色，但今年至今仅微涨1.57%。

东南亚业务低沉

另一方面，百盛的东南亚业务则仍显得低沉，其中相对成熟的大马业务因新店和投资亏损，在2017财政年小亏48万令吉，仍未成熟的印尼、越南和缅甸业务则继续流血，面对一定挑战。

然而，我们不能就此断言上述投资是失败的，百盛及早进军这些未成熟但潜能很大的新兴市场，是因为看好强劲经济成长将在中长期内转变成高消费力，所以提前入市抢市占，以在相关市场崛起时抢尽先机，这是百盛在中国的成功之道；这盘生意，得以中长期眼光来看。

电商实体店合作双赢

在参与颠覆实体店业态后，电商公司近年逆向而行，开始大手笔收购实体资产，因单靠网购生意已无法让各电商巨头走的更远，反映实体资产做用仍无法被取代，也使实体店业者重获市场注意。

实体店无法被取代

美国电商霸主亚马逊（AMAZON）刚大砸137亿美元收购超市业者WholeFoods Market公司，中国电商泰斗阿里巴巴（Alibaba）也在今年初以26亿美元收购中国百货商场公司银泰商业（IntimeRetail），电商与实体店持续靠拢中。

阿里巴巴创办人马云早前接受《彭博社》采访时坦言正越来越多地关注实体店，表示轻资产模式已不适合越来越大的阿里巴巴，必须把轻和重的模式结合起来，不能继续把重资产留给别人做。

目前断言百盛能从这新趋势中受惠，老实说言之过早，可鉴于实体店是电商长远发展不可或缺的一环，我们未来应能看到越来越多合作个案，这对电商和实体店都是好事，希望能实现双赢。

清洗账目
提升资产素质

在2017财政年，百盛对账目展开积极清扫，一共拨备或注销了总值4亿8573万令吉的应收账、货存、固定资产和无形资产，结果业绩难逃一劫，全年净亏1亿1917万令吉。

不过，百盛趁机清洗账目对未来业绩却是好事，因清洗活动能提升资产素质，让百盛以更强的账面基础踏入2018财政年，不容易再被拨备或注销左右未来业绩，提升能见度。

资产财务强稳

截至今年6月30日，百盛集团总资产多达97亿3660万令吉，其中在手现金和证券共值33亿8413万令吉，扣除长短期债务后仍有净现金6亿8737万令吉，资产底蕴和财务地位都非常强稳。

百盛的管理记录其实很不错，近年业绩走下坡乃大势所趋，且百盛在艰难时期迅速落实多项不易执行的改革方案，显示管理层比任何人都紧张这盘生意，毕竟主席兼董事经理丹斯里钟廷森本身直接和间接持有百盛近60%股权。

估值而言，百盛目前只以账面值的0.26倍交易，与本地上市同侪的1.5至5.7倍相差甚远，极具吸引力。因此，在察觉百盛业绩展望改善后，分析员已重新留意百盛，这也是值得留意的变化。

百盛是笔者观察了好多年的公司，尽管近几年业绩股价大跌令不少投资者信心尽失，可笔者始终认为百盛不会就此一蹶不振，毕竟核心竞争力仍在，强大零售网络、经验和品牌知名度也还在，绝对有机会东山再起。

转型见效
业绩好转

随转型开始见效，百盛业绩展望已有所好转，若此良势能持续下去，那这家年营业额逼近40亿令吉、估值见底的马股零售钜子，就会是家值得寄予厚望的公司。

笔者的看法未必准确，但综合分析百盛如今的业务展望、市场潜能、财务状况和股票估值，要笔者随多数人继续看淡百盛，真的办不到。



9月组合回酬微跌

马股在9月期间继续窄幅波动，组合回酬微跌至13.73%。

期间，市场整体显得平静，惟独源宗集团（GCB，5102，主板消费品组）宣布耗资3524万令吉在美国收购可可加工资产，今年二度染指收购，另外也宣布派1.5仙中期股息，没令人失望。

接下来，就看本月杪预算案会否带来惊喜吧。

声明：股海捞月和股海组合提供的资料只供参考，志在助投资者认识一些不获证券行重视的小型股和追踪相关股后续表现，不是买卖建议。任何投资决定还请先征询专业股票经纪的意见，盈亏自负。

文章来源：
星洲日报‧投资致富‧股海捞月‧文：李三宇‧2017.10.01



http://www.sinchew.com.my/node/1687269/思索策略．重塑定位．百盛零售业巨人

Posted by Parkson8888 > 2017-10-02 20:29 | Report Abuse

Parkson Holdings - China Turning The Corner
Date: 28/08/2017

Source : KENANGA
Stock : PARKSON Price Target : 0.88 | Price Call : BUY
Last Price : 0.53 | Upside/Downside : +0.35 (66.04%)

Back
12M17 core LATAMI which came in at RM179.2m compared to the core loss of RM152.6m in 12M16 is below expectations compared to our RM46m and consensus RM151m estimates. However, we believe the worst is over for Parkson and expect its FY18 to start on a clean slate following a kitchen sinking exercise and swift improvement in China’s operations. Specifically, this quarter marks the 2nd successive quarter of improvement in operating profit in China, highlighting that efforts including closures of underperforming stores and rationalization measure have reduced same-store’s operating expenses and bearing fruit. Maintain OUTPERFORM. Our target price is RM0.88 based on sum-of-parts.

Result Highlights. QoQ, 4Q17 revenue fell 8%, no thanks to Vietnam (- 14%). However, key markets registered positive same-store-sales growth including China (+2.4% vs. -2.2% in 1Q17), Malaysia (+14% vs -1.4% in 1Q17) and Indonesia (+11% vs. -18.2% in 1Q17). Malaysia and Indonesia same-store sales growth benefitted from Hari Raya festivities following the shift in festive calendar. The weakness in Vietnam continued due to competitive pressure. More importantly, 4Q17 China operations continued to show improvement registering second quarterly consecutive improvement due to positive SSSG growth, closures of underperforming stores and rationalization measure, which had reduced same store’s operating expenses. Specifically, 53%-owned Parkson China’s (FYE Dec) 1H17 recorded a core net profit RMB18,1m (RM11m). Excluding impairment loss on PPE, intangible assets, and other receivables amounting to an expected aggregate of RM70m, 4Q17 core net loss is flat at RM26.0m compared to a loss of RM25.8m in 3Q17 (excluding one-off impairment losses on receivables amounting to RM7.5m and stripping out gains from disposal of a subsidiary at approximately RM330m) arising from elimination of loss-making stores’ closures and lower operating expenses. No dividend was declared in this quarter as expected. No dividend was declared in this quarter as expected.

YTD, 12M17 revenue rose 2% mitigated by narrowing negative SSSG in China (-1% vs -10% in 12M16) due to its transformational strategies undertaken, which are bearing fruits, including aligning with the evolving retail markets and closures of underperforming stores. This brings 12MFY17 China operating loss has narrowed considerably to RM42m from RM91m in 12MFY16. SSSG rates were mixed across the board, including Malaysia (+3% vs -6.5% in 12M16), Vietnam (-14% vs. -2.9% in 12M16) and Indonesia (-2% vs. +4.7% in 12M16). However, Parkson 12M17 core losses widened slightly to RM179m after stripping out: (i) gain from disposal of a subsidiary, and (ii) impairment loss on intangible assets and receivables (RM352.4), and (ii) impairment loss on receivables amounting to RM60-70m (Parkson Holdings’ effective stakes).

Outlook. The Group focuses on delivering its transformational strategies closely aligning with the evolving retail markets, which include: (i) enriching its retail format and expanding its product and services offerings, (ii) optimising store effectiveness and efficiency, and (iii) enhancing cross platform experience for its customers. Specifically, the first Parkson Newcore Citymall was officially opened in January 2016 in Shanghai, which offers value-for-money products in a vibrant, energetic and innovative shopping environment. Sales of this Korean-themed outlet increased visibly in 2016 compared to the year before. In South-East Asia, operating environments in the Southeast Asian region are anticipated to remain challenging due to the fragile consumer sentiment. The Group will exercise vigilance in pursuing its strategies to transform Parkson into a life-style concept retail business.

Maintain Outperform and target price at RM0.88. We like Parkson because: (i) its strategy of optimising its retail format and expanding its product and services offerings is paying off, (ii) it is minimising stores losses via optimising store effectiveness and efficiency, which are bearing fruits, and (iii) 2Q17 China operating profit is showing encouraging signs of improvement

Source: Kenanga Research - 28 Aug 2017
https://klse.i3investor.com/servlets/ptres/41839.jsp

Posted by Parkson8888 > 2017-10-02 20:29 | Report Abuse

Add more 64-64.5 sen.

Posted by Parkson8888 > 2017-10-02 20:33 | Report Abuse

OTHERS Incorporation of a Subsidiary

PARKSON HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description Incorporation of a Subsidiary
The Board of Directors of Parkson Holdings Berhad (the "Company") wishes to announce that Releomont (Hong Kong) Limited ("Releomont"), a wholly-owned subsidiary of Parkson Retail Group Limited ("Parkson Retail"), which in turn is a 54.97% owned subsidiary of the Company and listed on The Stock Exchange of Hong Kong Limited had on 28 September 2017, received the Business Licence of Anshan Parkson Retail Development Co., Ltd. ("Anshan Parkson"), following its incorporation by Releomont in the People's Republic of China on 11 September 2017. Anshan Parkson is wholly-owned by Releomont.

Consequent thereupon, Anshan Parkson became a wholly-owned subsidiary of Parkson Retail and hence, a subsidiary of the Company.

Anshan Parkson will have a registered capital of Rmb10 million (equivalent to RM6.4 million) and will be principally involved in the operation of department stores.

The incorporation of Anshan Parkson does not have a material impact on the earnings of the Group for the financial year ending 30 June 2018 and the net assets of the Group based on the audited consolidated statement of financial position as at 30 June 2016.

(For the purpose of this announcement, the exchange rate of Rmb1.00: RM0.64 is assumed).
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5561269

Posted by Parkson8888 > 2017-10-02 20:58 | Report Abuse

http://klse.i3investor.com/blogs/sinchew_company_story/133974.jsp

Posted by future > 2017-10-02 21:42 | Report Abuse

will buy back towards weakness...still got the one bought around .55 cents

Posted by future > 2017-10-02 21:46 | Report Abuse

Any idea sell or still hold...only positive blogger pls give opinion...respect your opinion..thanks

Posted by kelvin61 > 2017-10-02 22:22 | Report Abuse

@ Parkson8888. Thanks for sharing the good article on Parkson. I'm sure followers here will benefit, cheers.

Posted by sherlock > 2017-10-03 03:01 | Report Abuse

interesting counter,

alibaba acquired Intime Retail for USD 2.6 billion early this year，both intime Retail and parkson retail(listed in HK,parkson hold 55% stake) was amongs top 5 retailers in mainland china，where intime retail was ranked no 3 with annual sales of 17.2 billion RMB，while parkson retail ranked no 4 with annual sales of 14.3billion RMB。

in term of outlet,intime retail operate 49 outlet while parkson operate 52 outlet in china.

so,if intime retail been valued at 2.6b USD(17.2b RMB)，how much does Parkson Retail really worth?

at as yesterday,parkson retail only valued at 3.5b RMB by the market,i think it is not justified.

Posted by lion188 > 2017-10-03 09:05 | Report Abuse

Jump like Lion Ind.

Posted by lion188 > 2017-10-03 09:05 | Report Abuse

Lion Ind 1.30 Parkson 1.3?

Posted by vivoviva > 2017-10-03 09:07 | Report Abuse

ks55. u missed out at 0.5 dont lar bark like a dog. keep quiet can already

Posted by lion188 > 2017-10-03 09:08 | Report Abuse

Add more 64 sen.

Posted by Jeffreyteck > 2017-10-03 09:23 | Report Abuse

For those who had been to Parkson overseas recently, eg Danang of Vietnam etc, you will able to see how is it business going on.

Posted by I LOVE HENGYUAN, sexy babe RM21 > 2017-10-03 09:31 | Report Abuse

all trapped, hehe

Posted by Sarawakians > 2017-10-03 09:38 | Report Abuse

In Sarawak Parkson is booming thanks to Pan Borneo Highway project.

Posted by Parkson8888 > 2017-10-03 09:47 | Report Abuse

Add more 62.5-63 sen.

Posted by richkid1 > 2017-10-03 10:05 | Report Abuse

Bought at 63.5 sen. Hopefully jump like Lion Fib or Lion Ind.

Posted by kelvin61 > 2017-10-03 10:15 | Report Abuse

@ Sherlock. Good observation. Totally agree with your view that Parkson is undervalued. In fact, grossly undervalued. Only those with good business acumen will know how to buy Parkson and not those idiots that have no position but nagged like an old fool.

Posted by kelvin61 > 2017-10-03 10:22 | Report Abuse

In fact, these idiots have no money to buy as they have been losing in the market whether the market is on bull or bear run. Their stupidity in the outlook of companies' businesses reflect their shallow knowledge of the industry. Their frustration of losing whenever they put their money where their mouth is makes them bitter. May God have pity on their souls.

Posted by Parkson8888 > 2017-10-03 10:25 | Report Abuse

kelvin61 previously can drop because Affin IB staff sold at 51.5 sen. Now I think he has been sacked for his stupidity. Parkson recovered not long after Affin cease coverage.

Posted by Parkson8888 > 2017-10-03 10:26 | Report Abuse

PRGL up.
https://www.bloomberg.com/quote/3368:HK

Posted by Parkson8888 > 2017-10-03 11:02 | Report Abuse

kelvin61 I own many counters. If you have Parkson you must defend not only myself.

Posted by Parkson8888 > 2017-10-03 11:03 | Report Abuse

PRGL up. Add more 63.5 sen.
https://www.bloomberg.com/quote/3368:HK

Posted by ajibkor > 2017-10-03 11:52 | Report Abuse

Already up 25% since 1 mth ago.

Posted by ajibkor > 2017-10-03 11:58 | Report Abuse

Civil servants pay rise in Budget 2018 good for Parkson?

Posted by ajibkor > 2017-10-03 12:00 | Report Abuse

Najib: 'Good news' for civil servants in Budget
http://www.thestar.com.my/news/nation/2017/10/03/najib-several-good-news-for-civil-servants-in-budget/

Posted by stock1288 > 2017-10-03 12:06 | Report Abuse

profit taking almost done, on uptrend to break 70 sen.

Posted by Alipapapa > 2017-10-03 12:33 | Report Abuse

Yeah ... buy now. Target RM1.00 within 2 week

Posted by Parkson8888 > 2017-10-03 13:12 | Report Abuse

Stock With Momentum: Parkson Holdings
http://www.theedgemarkets.com/article/stock-momentum-parkson-holdings

Posted by Alipapapa > 2017-10-03 13:18 | Report Abuse

Afternoon will turn green and all the way to 70sen.

Posted by kelvin61 > 2017-10-03 13:42 | Report Abuse

@ Parkson8888 I have so much Parkson shares that will make these idiots mouth hanged out if they know the quantum l have been buying at the bottom. They talk so much yet do not even owned 1 single lot. Shsssh, they're nothing but pest flying around this space meant for Parkson followers. Cheers.

Posted by deddymines > 2017-10-03 14:30 | Report Abuse

macd, psar and force index all bullish. 50 just crossed 150 ma. True test is 68c previous high, to confirm the uptrend.

Posted by ajibkor > 2017-10-03 16:21 | Report Abuse

PRGL up 3 sen.
https://www.bloomberg.com/quote/3368:HK

Posted by joetay > 2017-10-03 16:52 | Report Abuse

kelvin61,

if u have alot of parkson, just curious what is ur average price???

lol...........

Posted by yucaihacai > 2017-10-03 17:49 | Report Abuse

Bought back Parkson 0.625-0.63. Parkson 8888, are you sure you bought Parkson at 0.625 today ?

Posted by TF Tan > 2017-10-04 10:12 | Report Abuse

yesterday some retracement with small volume. further rise should be resume.

Posted by stock1288 > 2017-10-04 11:55 | Report Abuse

Good Volume & holding up very well. 70 sen very soon !

Posted by future > 2017-10-04 12:51 | Report Abuse

ya, next resume is on...start monitoring and take money off the board

Posted by KISSinvest > 2017-10-05 12:14 | Report Abuse

sell before it drops back to 0.5

Posted by Why_ > 2017-10-05 12:38 | Report Abuse

must post? You non shareholder why busybody?

KISSinvest sell before it drops back to 0.5
05/10/2017 12:14

Posted by Why_ > 2017-10-05 12:40 | Report Abuse

PRA no more drop. Parkson uptrend can resume later?
https://www.bloomberg.com/quote/PRA:SP

Posted by sherlock > 2017-10-05 12:42 | Report Abuse

annual report should release by end of this month,AGM and quarter result will be on next month,expect some good news coming in.

Posted by sherlock > 2017-10-05 12:48 | Report Abuse

due to china business started to recover,i dont expect parkson fall back to 50 cen level going forward,its valuation already bottom out,P/BV of less than 0.3x is ridiculous for an retail giant like parkson,not sustainable at current low.

Posted by kelvin61 > 2017-10-05 14:15 | Report Abuse

@ Sherlock. Good observation. You will be rewarded. Just stay with Parkson and ignore those irritants which have no stake here, cheers.

Posted by sherlock > 2017-10-05 14:39 | Report Abuse

i think 61-62cen was became new bottom for parkson.

Posted by KISSinvest > 2017-10-05 16:29 | Report Abuse

i own 50 lots of parkson at 0.65, everybody is just talking about good news, just saying smth to make it not so biased haha

Posted by KISSinvest > 2017-10-05 17:01 | Report Abuse

if you are afraid that parkson share price will go down just because of someone saying smth bad then you shouldn't buy

Posted by Beginner1 > 2017-10-05 18:19 | Report Abuse

KISSinvest, if you own 50 lots, why did you advice people to sell?