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[公司专区] 7052 PADINI 巴迪尼控股

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发表于 2011-7-13 00:14 | 显示全部楼层
流星雨 发表于 2011-7-1 14:31



Padini - one of favor shortlist

Before i get in the ship, i would like to seek your all comments regarding Padini's 31/3/11 ending inventories shoot up very high at 202% compare with YTD sales at 104% (=99 inventory turnover days), which i feel that is abnormal & stop me to get in the ship:-

Why inventories increased double?
>Sales not good? (alot of obsolete inventories, then have a Sales discounts, if still cannot sale out?? How to do it? Scrap?)?
>Sales expected to increased by double?
>Outlet increased by double?
>Both material cost & inventory increased by double?
>Inventory revaluation?
>and etc....

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发表于 2011-7-13 08:49 | 显示全部楼层
回复 103# klse33


    Increase of stocks could be due to open of new outlet (Branded Outlet, Vincci or etc). Please check whether there is any new outlets open in the past 12 months.

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发表于 2011-7-13 13:30 | 显示全部楼层
回复 104# Wonder


  Do they open brand outlet by double?? e.g. exisitng 5 outlet, open another 5 outlet?

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发表于 2011-7-14 21:55 | 显示全部楼层
淨利紀錄卓越 巴迪尼超越同儕
股市14/07/2011 20:41

券商 :馬銀行投銀
目標價:1.30令吉


巴迪尼(PADINI,7052,主要板消費)已有40年歷史,從衣服製造和批發商起家,如今擁有自己的設計團隊、8個核心品牌和80家零售店。

 儘管身處的服飾零售領域競爭激烈,該公司自1998年上市以來營業額成長未曾間斷,過去12年的營業額年複成長率達17%,淨利年複成長率更高達28%。

 該公司1999年的稅前盈利賺幅僅4.7%,如今已勁揚12%至16.6%,超越同儕的11.6%,即使經歷兩次經濟衰退,盈利始終不受影響。

 巴迪尼計劃今明兩個財年,分別開設9家零售店和4家概念店,我們預計,同期的營業額成長率可介于14%到16%,稅務、折舊與攤銷前盈利(EBITDA)賺幅則保持21%到22%的穩定水平。

 該公司超過25%的股本回酬顯著超越同儕平均的17%,我們相信,未來的股本回酬保持高企水平,2012財年達26%,2013財年則是25.3%。

 閉市時,巴迪尼報1.06令吉,微升1仙,成交量15萬4600股。

http://www.chinapress.com.my/node/234034

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发表于 2011-7-15 15:48 | 显示全部楼层
淨利紀錄卓越 巴迪尼超越同儕
股市14/07/2011 20:41

券商 :馬銀行投銀
目標價:1.30令吉

巴迪尼( ...
ThermoFisher 发表于 2011-7-14 21:55


原來是這個消息搞的鬼
難怪今天起那麼多 @@

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发表于 2011-7-25 17:20 | 显示全部楼层
Padini prepares for next growth phase      
  
KUALA LUMPUR: The hustle and bustle at a Vincci shoe store, even during non-sale periods, is a telltale sign that local fashion company Padini Holdings Bhd has come some distance from its genesis as a simple garment maker four decades ago. Its success in making its mark on the local fashion scene goes beyond the homegrown shoe label to its other house labels like Seed and Padini Authentics.

Despite an upward trend in its momentum, however, the company is setting aside the next two years to iron out the creases in its supply chain and logistics. “One thing that we are looking at seriously is making sure that the existing doors have good growth rather than [to] keep expanding,” said CY Cheong, creative director with Padini, in a recent interview with The Edge Financial Daily.

The step back from expansion to consolidation mode to perfect its core mechanics, he said, is necessary to ensure the group can grow faster and more efficiently.

Despite the medium-term goal of perfecting its internal systems, Padini has scored well on its financial report card.

The last four years have seen uninterrupted growth, despite the 2008/09 financial crisis. Between 2006 and 2010, revenue has risen from RM286.11 million in 2006 to RM520.88, an average of 16.2% a year. Net profit surged from RM27.69 million to RM60.97 million, representing a 21.8% compound annual growth rate over the past four years.

Its market capitalisation stood at RM717.12 million as at last Friday’s RM1.09 close, being 10.58 times earnings for its current year ended June 30, 2011, according to Bloomberg data.

Indeed, some 40 years after its founding, Padini holds the enviable record as the largest and most profitable of Malaysia’s listed homegrown fashion companies. The company began in 1971 as a garment manufacturing and wholesale concern. It entered the retail industry in 1975 with its flagship brand Padini, while its other successful brand, Vincci, was established in 1986. Its other brands include PDI, Miki and Rope.

With its eye set to win more business in the region, Cheong said the group knows its operations at home need to run even more efficiently.

“I would say we are in quite a transitional stage of moving from a domestic-based company to regional. And for that, the way of working must change. The supply chain issue must be something we can address, because when you talk about doing business overseas, late delivery  can sometimes be a problem, and also logistic,” said Cheong, adding that the company is constantly looking at increasing same store sales though physical store expansion may not be as aggressive for now. Money will still be spent to keep existing stores vibrant, to continue attracting customers while getting its existing loyal customers to buy more.

Even though overseas revenues currently contribute less than 10% to Padini’s total revenue, the Dubai Vincci store in Diera City Centre, is on par with the group’s best stores in Malaysia, such as at Mid Valley Megamall, Sungei Wang Plaza and Fahrenheit 88 (formerly KL Plaza) in Kuala Lumpur, Cheong said.


Cheong: I would say we are in quite a transitional stage of moving from a domestic-based company to regional.

And there’s good promise for growth. Notably, Padini’s partners in the Middle East are local distributor heavyweights that also distribute more internationally-recognised labels. For instance, Al Shamsi Holdings Llc in UAE, Oman, Qatar and Bahrain handle Zara, Promod, Stradivarius and Women’s Secret, Cheong said. Padini also has other international partnerships in Morocco and Egypt.

He admits, though, that some of its partner operations abroad aren’t doing as well as the company would like due to certain gaps in its supply chain. The need to bridge these gaps was even more evident in the last six months, when the cost of manufacturing and raw materials escalated. As such, one of the group’s top priorities is to ensure smooth and efficient product movement, from manufacturing to delivery.

As a part of the internal restructuring process, Padini has invested in a management information system. In 2008, the company put out RM7.5 million to acquire the SAP enterprise resource planning system which allows it to streamline all its processes into fewer steps and coordinate sales based on past customer demands. “SAP has been implemented and we do see improvement and better control of our work process. We need probably another year for our users to get used to the system,” said Cheong.

As Padini develops its brand by creating a stronger foothold locally, the brand will continue to provide what has been the key to its growth thus far: adaptibility. “I think change is essential in order to keep the business moving,” said Cheong.

“It can be a big change, but you’ve got to feel that what your customers want and need is reflected in your product,” he said.

http://www.theedgemalaysia.com/i ... t-growth-phase.html

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发表于 2011-7-26 11:59 | 显示全部楼层
Fashion stocks in focus again?               
Written by Joanne Nayagam          
Monday, 25 July 2011 12:20

PETALING JAYA: Fashion stocks are becoming fashionable again in Asia. Just as wealthy consumers line their wardrobes with expensive branded bags and apparel, investors are adding fashion stocks to their portfolios in the hopes of riding on Asia’s burgeoning affluence.

Several major IPOs in the past two months have brought brands like Salvatore Ferragamo and Prada from the catwalks of Milan to the stock market, along with familiar luggage brand Samsonite and a Hong Kong retailer of second-hand bags, Milan Station Holdings Ltd.

Private equity funds have also joined in the game, snapping up renowned shoe label Jimmy Choo and a stake in Singaporean shoes and bags retailer Charles & Keith.

And just like their products, the shares of these branded companies do not come cheap.

Prada, for instance, is currently trading at around 28 times forward earnings and has set a new industry benchmark for fashion stocks.   

Their high valuations could also throw the spotlight on Malaysia’s three listed fashion stocks — Bonia Corp Bhd, Padini Holdings Bhd and Voir Holdings Bhd — which are mostly trading at single-digit valuations — less than half their Hong Kong-listed peers and one-third of Prada’s.

Padini is the largest and most profitable of Malaysia’s homegrown fashion companies. Between 2006 and 2010, its revenue rose from RM286.11 million to RM520.88 million while net profit surged from RM27.69 million to RM60.97 million, representing a 21.8% compound annual growth rate (CAGR). With a market capitalisation of RM717.12 million, the stock trades at 10.58 times earnings for its current year ending June 30, according to Bloomberg data.

Bonia is today Malaysia’s leading brand for leather handbags, with a growing line of shoes, menswear and other accessories. Over the past four years, the company’s revenue grew at a CAGR rate of 13% a year from RM221.37 million in 2006 to RM360.1 million in 2010, while net profit grew a robust 24.8% per year — from RM13.83 million to RM33.55 million. With a market capitalisation of RM338.64 million, the stock is trading at eight times current year earnings, according to Bloomberg data.

Unlike its two peers, however, Voir, which focuses on ladies’ apparel, has seen fairly stagnant earnings despite rising revenues over the last four years. Between 2006 and 2010, net profit declined from RM8.12 million to RM7.7 million although revenue increased at an average of about 9% a year from RM117.15 million to RM165.19 million. Still, Voir has been profitable since its listing in 2007 and is the only fashion stock trading below its book value, which suggests no premium for its long-established brand names. The stock is trading some 30% below book value and at a historical price-to-earnings ratio of eight times.

All three stocks have underperformed the FBM KLCI this year. Year-to-date, Bonia has fallen 4.6%, Padini is unchanged while Voir has lost 12.7%.

In contrast, the three fashion-related stocks in Hong Kong listed in the last two months have rallied strongly, despite coming to the market at already lofty valuations.

Prada’s shares have rallied 19% since the company’s IPO raised US$2.46 billion (RM7.3 billion) in Hong Kong just over a month ago. The stock now trades at a valuation of about 28 times this year’s earnings. Milan Station has seen its stock surge 28% since its debut. Samsonite’s IPO was priced at 18.3 times projected 2011 earnings. With the stock now up 9% since then, it would be trading at close to 20 times.

Expanding markets to grow the brand
South of the border, Charles & Keith earlier this year sold a 20% stake in the company to L Capital Asia, the private equity arm of giant Louis Vuitton Moet Hennessy (LVMH).

With 229 stores located mainly across Asia and the Middle East, this acquisition allows the brand to explore markets in the West, as well as gain expertise from LVMH. L Capital Asia has also bought stakes in other Asian-born luxury names like India’s Gitanjali Gems and China’s jeweller Emperor.

LVMH has recently been targeting Asian fashion labels that can offer the same luxurious designs and products, but at a more affordable price than the Western high-end labels. Asian labels have also become prominent in Middle Eastern countries, where Western brands like Gucci and Louis Vuitton used to be the more dominant.

Indeed, the Malaysian fashion players are also targeting overseas markets as the key to growing their revenues and their brand. And they are linking up with international players to widen their distribution network.  In going overseas, Bonia is the most successful of the lot , with 25% of its revenues contributed by overseas sales. Padini’s sales abroad contribute 10% to its revenue while Voir’s stands at just 2%.

With large numbers of Middle East tourists in Malaysia, it is little wonder that the Middle East is a destination favoured for overseas expansion as they are familiar with Malaysian brands. Products of the Bonia and Padini, and to a smaller extent Voir, are already being sold in the Middle East. Voir recently announced an expansion to Ghana and Pakistan while Bonia is now trying to tackle arguably the most discerning market in the world — Italy and Europe.

Coping with cost pressures
To be sure, it is not all rosy in the fashion industry. All players have been subjected to rising raw material costs, in particular cotton, leather and labour. The price of cotton had surged three-fold between early 2010 and March 2011. They have since eased about 30% from their March peaks, but are still nearly twice their levels of a year ago.

Most of Bonia’s mens shirts are made from 100% cotton. Its business development general manager Geoffroy de Drouas said although both the textile manufacturers and Bonia shouldered some of the burden, the prices of cotton-made apparel had to ultimately be increased.

Padini also had to take the same path, although its creative director, CY Cheong said the company could not adjust the prices to cost increases too closely as it would cause too much of a fluctuation.

Voir’s managing director Ham Hon Kit, meanwhile, said the long relationship between his company and the buying houses helped in negotiations to keep price changes in cotton to a minimal.

“To apparel retailers, while the cost goes up, the pricing can’t really be moved up in the same manner,” said Ham. “We do have good suppliers, or factories in that sense, through the buying houses. Due to the long-term good relationship with them, we managed to contain the increase,” adding that there are products which needed to be priced according to market demand. Among the three, Voir appears to have been hot most by cost increases in the first quarter of 2011.

Keeping up with trends
Besides cost pressures, the fashion labels also have to deal with the fast moving world of fashion, where seasons can feature very different trends and stock obsolescence is a major risk. “Fashion is always changing and you have to be able to adapt quickly,” said Padini’s Cheong.

The three labels have taken different methods to stay current to consumers. Both Voir and Bonia have hired renowned fashion consultants. Voir has recently hired president of Malaysian Official Designers’ Association (MODA), Gillian Hung and Australian-born fashion consultant Daniel Beltsos, who both have international experience. Both will work on revamping Voir’s in-house label SODA.

Bonia on the other hand has set up a research studio in Milan, Italy, to gauge the European fashion scene and add elements to its designs. It will also serve as a base for future expansion of Bonia to Italy and Europe. Padini sticks to local talents with plenty of designers coming from local colleges.

Besides expanding into clothing and accessories, all three brands have also tried diversifying their label.

Bonia, for instance, launched a perfume for men and for women in February this year. The scents have done well and de Drouas knew from the get-go that this particular diversification was one that could add value to Bonia’s image.


Padini and Voir, on the other hand, ventured into the food and beverage (F&B) business.

Voir recently announced a sixth Garden Lifestyle store and cafe to add to its F&B line, but will not be adding more, according to its COO Daniel Looi.

He said the restaurants are profitable if not for depreciation charges and should contribute at least 10% growth to revenue. Most of Garden outlets performed to expectations but “there’s still a lot of work to be done”, said Looi.  

Padini’s Cheong also admitted that the group’s SEED cafes are not the group’s strong point or focus, but that they are meant to complement its clothing label. The two existing cafes are in MidValley and its headquarters in Shah Alam and there are no plans to open more.

“Cafe is not our core. We’re not working on it so seriously. So, for that we are still focusing more on what we can do best. This is one place that we keep trying,” said Cheong.

The home-grown Malaysian fashion companies are continuing to build on their brands, focusing on improving their products, marketing strategies and customer reach.

With mega companies like LVMH realising the potential of Asian clothing labels, it remains to be seen if the local players will one day catch their eyes.

And with the flurry of fashion stocks taking Asian investors by storm, will Malaysia’s fashion stocks continue to stay under the radar?


This article appeared in The Edge Financial Daily, July 25, 2011.

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发表于 2011-7-30 10:27 | 显示全部楼层
Ratio data TTM as of 03/31/2011
Profitability - PADINI HOLDINGS BERHAD (PAD)

Return on Assets

Industry Comparison

15.80%









Return on Equity

Industry Comparison

26.66%









Return on Capital

Industry Comparison

20.36%









Margin Analysis - PADINI HOLDINGS BERHAD (PAD)

Gross Margin

Industry Comparison

54.01%









Levered Free Cash Flow Margin

Industry Comparison

2.55%









EBITDA Margin

Industry Comparison

22.32%









SG&A Margin

Industry Comparison

36.95%









Asset Turnover - PADINI HOLDINGS BERHAD (PAD)

Total Assets Turnover

Industry Comparison

1.4x









Accounts Receivables Turnover

Industry Comparison

43.0x









Fixed Assets Turnover

Industry Comparison

6.9x









Inventory Turnover

Industry Comparison

2.3x









Credit Ratios - PADINI HOLDINGS BERHAD (PAD)

Current Ratio

Industry Comparison

2.5x









Quick Ratio

Industry Comparison

1.4x









Long-Term Solvency - PADINI HOLDINGS BERHAD (PAD)

Total Debt/Equity

Industry Comparison

15.1x









Total Liabilities/Total Assets

Industry Comparison

35.4x









Growth Over Prior Year - PADINI HOLDINGS BERHAD (PAD)

Total Revenue

Industry Comparison

6.49%









Tangible Book Value

Industry Comparison

11.76%









EBITDA

Industry Comparison

26.00%









Gross Profit

Industry Comparison

17.07%









Receivables

Industry Comparison

30.29%









Inventory

Industry Comparison

137.57%









Diluted EPS Before Extra

Industry Comparison

26.74%









Capital Expenditures

Industry Comparison

-31.04%









Cash From Ops.

Industry Comparison

-63.34%









Levered Free Cash Flow

Industry Comparison

-84.65%









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发表于 2011-8-13 00:06 | 显示全部楼层
嘻嘻,大家好~
小的正在学习分析padini的2010年终财报~
请问哪里可以看到租金支出及员工支出?
请大家多多指教~谢谢~  

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发表于 2011-8-13 00:11 | 显示全部楼层
回复 115# eddylim0000


可能你把三个财报贴出来,那么大家就比较容易回答了。

为什么会专注问租金与薪金?

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发表于 2011-8-13 14:50 | 显示全部楼层
本帖最后由 eddylim0000 于 2011-8-13 14:52 编辑
回复  eddylim0000


可能你把三个财报贴出来,那么大家就比较容易回答了。

为什么会专注问租金与薪 ...
豆沙包 发表于 2011-8-13 00:11




上传了~是看consolidated的~对吗?

哦,想看看租金及员工薪水占了营业额多少~
它们会不会出现在note里呢?

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发表于 2011-8-15 11:49 | 显示全部楼层
達企業和巴迪尼前景可期
投資致富 2011-08-14 19:24

Ryan問:

我留意到達企業(TA, 4898, 主板金融組)及巴迪尼控股(PADINI, 7052, 主板消費品組)的表現不錯,但並沒有反映在股價上。這兩家公司的前景展望如何?可持有嗎?


答:達企業首季淨利揚升48.61%至3千372萬2千令吉,反映經紀及酒店營運貢獻高企,並帶動賺幅改善,比較上財政年全年淨利下跌17.66%至7千824萬3千令吉。

受到馬幣走強帶動,該公司預期股市攫取正面動力,而在新產業推介激勵下,產業發展及酒店營運也料帶來出色表現。

達企業旗下達證券去年的交易量約佔市值的7%,排名第四,分析員維持該公司“持有”評級,目標價訂在80仙;預計2012財政年淨利及營業額按年成長24%及35%。

至於巴迪尼控股是少有成功向海外發展的本地服裝品牌,90%銷售都是來自國內,並放眼2011財政年開設3家品牌分店與2家概念店,2012財政年則料增設6家品牌分店及2家概念店。

該公司截至3月31日首9個月淨利揚升16.93%至5千721萬9千令吉,未來兩年財測有望達到6.4%成長。分析員指出,以2012年10.2倍本益比計,目標價為1令吉30仙,顯示比目前有近20%揚升空間,惟近幾個月以來,股價在拆細後的波幅並不大,幾乎都在1令吉至1令吉20仙之間波動。

分析員也認為巴迪尼現財政年的派息額可超越上財政年的15仙。(星洲日報/投資致富‧投資問診室)

http://biz.sinchew-i.com/node/50587

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发表于 2011-8-15 20:49 | 显示全部楼层
...分析員也認為巴迪尼現財政年的派息額可超越上財政年的15仙
ThermoFisher 发表于 2011-8-15 11:49


避免被误导,1分5了,所以是用3cents 比吧。
好像已经派了4cents.

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发表于 2011-8-19 08:56 | 显示全部楼层
上传了~是看consolidated的~对吗?

哦,想看看租金及员工薪水占了营业额多少~
它们会不会出现在 ...
eddylim0000 发表于 2011-8-13 14:50



    你所要的租金及员工薪水,在note23。

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发表于 2011-8-19 14:23 | 显示全部楼层
你所要的租金及员工薪水,在note23。
LuPorTi 发表于 2011-8-19 08:56



    呵呵~谢谢你~
原来是在 Profit From Operation~

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发表于 2011-8-20 16:27 | 显示全部楼层
闭市价RM0.94. 好吸引喔

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发表于 2011-8-20 18:00 | 显示全部楼层
在 net-working-capital 这个标准下PADINI 符合了以下个条件:


1.零负债或很低的负债。

Current asset –Non-current liability –Current liability= Positive Value
264,325,000 – 10,899,000 – 111,351,000 = 142,075,000
至证明了它有好的资金流

2.PE 必须低于 10。PE=2.25 (这资料是来自星洲日报)because this counter exercise split 1 to 5 so the PE info from new paper may not correct or updated.

3.良好的派息记录。- YES

4.过去几年不曾亏损。- YES

5.买入价必须比过去两年的价格高点低25%以上。- YES

纯粹分享,任何交易,后果自负。

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发表于 2011-8-20 18:04 | 显示全部楼层
2.PE 必须低于 10。PE=2.25 (这资料是来自星洲日报)because this counter exercise split 1 to 5 so the PE info from new paper may not correct or updated.
saltiga 发表于 2011-8-20 18:00


PE=2.25。不要坤我。

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发表于 2011-8-20 18:11 | 显示全部楼层
PE=2.25。不要坤我。
whytoocare 发表于 2011-8-20 18:04



    为什么呢??

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发表于 2011-8-20 18:26 | 显示全部楼层
本帖最后由 whytoocare 于 2011-8-20 18:27 编辑
为什么呢??
chinghooi89 发表于 2011-8-20 18:11


Year         Q1            Q2            Q3           Q4           Total
2010        15.310        8.750        13.120        8.970        46.15
2011        13.950        11.010        3.710        -                28.67

不懂那条谁那么厉害。他/她应该是这样算的。。。
Rolling 4Q eps = 8.970 + 13.950 + 11.010 + 3.710 = 37.64
Rolling 4Q pe = 94sen / 37.64 = 2.5

帕蒂尼split(5:1)了过后,真正的算法应该要这样。。。
Rolling 4Q eps = 8.970/5 + 13.950/5 + 11.010/5 + 3.710 = 10.496
Rolling 4Q pe = 94sen / 10.496 = 8.96 (不懂对不对)

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