RHBInvest Research

Parkson – A Regional Brand Market Perform

Visit Note

¨ PHB’s group structure has changed after its acquisition of Centro in Indonesia , as all the Malaysian, Vietnam and Indonesian operations are now housed under one entity, i.e Parkson Retail Asia (PRA). PHB owns 90.1% of PRA, while the other 9.9% is owned by Centro’s previous owner, i.e. Mitra Samaya (MS).

¨ Given the different target market for Centro and Parkson, we understand that moving forward, PHB’s growth strategy in Indonesia would be to open 4-5 stores p.a., of which 1-2 stores would be under the Parkson brand while the rest would be opened under the Centro brand.

¨ For CY11, Parkson China has only opened one new store, in Zi Gong which was opened in 11 Jan. However, we expect it to meet our store opening target of 8 for CY11, as store openings are typically done at the end of the year.



MISC - Bumi Armada IPO Lifts Valuations Of MISC’s Offshore Assets Outperform

Company Update

¨ We are upgrading our fair value for MISC by 17% from RM7.26 to RM8.47, having raised our valuations for MISC’s offshore assets comprising ten FPSO/FSO and two MOPUs from 1.2x book value to 2x book value.