【PARKSON 5657 交流专区】百盛控股

ljlq

原帖由 Mr.Business 于 26-5-2008 11:01 AM 发表


真是这样吗?

简单的说，子卖给母RM2的东西，必须要从cost of good sold和revenue扣回两块。

Mr.Business

原帖由 howdanny 于 26-5-2008 04:15 PM 发表
老师说因为在group account里，是不可能自己卖东西给自己的，也不可能自己赚自己的钱。如果可以的话，那么很多人都会借此大捞一笔。bursa也不会allow的不然要auditor来check account干吗？我想也不会有人那么做，tax ...

我想你说的情形是当子公司是100％子公司的时候。。。百盛控股的文告有讲从这交易她的EPS和NTA将增加4sen。

howdanny

不一定要100%，51%以上就可以了。

Mr.Business

那请问你，在这项交易上，百盛控股和子公司香港百盛零售集團的帐目(income statement, balance sheet和change of equity) 将做如何处置？

howdanny

不用扣cost of sale，只是没有revenue罢了。扣出来，然后按股份的巴仙率在profit那里分出来。

ljlq

原帖由 howdanny 于 26-5-2008 04:50 PM 发表
不用扣cost of sale，只是没有revenue罢了。扣出来，然后按股份的巴仙率在profit那里分出来。

不是在income statement那里扣revenue和COS，然后再balance sheet那里扣inventory和retained earning的unrealised profit么？

难道，我做错了？

请指教。

howdanny

哈哈，等我明天考完试我再po上来。现在要读书了。

pc255

要保持高度的CAGR 和 PE 而不断合并收购的办法之一.
Neutral about the whole deal.
BTW, which shareholder are you? PRG or Parkson?

原帖由 每天爱我多一些 于 23-5-2008 01:33 PM 发表
That is why acquisition of other licensed parkson stores and non-wholly owned subsidiary of parkson stores in china is an intelligent move by Parkson Retail as one of the low risk way to fuel further growth of company sales and profit. As a shareholder, I feel comfortable with parkson management’s acquisition.

kclaulau

【大行言論】大行對百盛(03368-HK)意見不一，目標價77至89.8元

2008/05/26 15:39

財華社香港新聞中心。 據百盛集團公布08年第一季業績顯示，股東應佔溢利2.25億元人民幣，較07年同期的1.6億元增長40.3%。大行發表研究報告，對百盛意見不一，目標價77至89.8元。 美林認為，百盛以2.4億元人民幣收購天津及南寧兩間百貨店，將令每股盈利上升2%。另外，由於百盛手持34億元人民幣現金，該行預計百盛未來不排除將收購多一至兩宗項目，加上百盛08年首季盈利增長40%，符合該行預期全年進度。因此美林建議買入百盛，並給予目標價88元。 摩通稱，該行曾因百盛收購及消費增長上升，而上調其目標價，不過08年首季業績，則較該行市場預期失望。雖然百盛銷售增長上升15%，不過與同業比較，如新世界百貨(00825-HK) 銷售增長上升27%，百盛則處於預測區間15至18%的偏低水平。因此摩通維持中性評級，目標價下調至77元。 高盛則表示，百盛分別以10.7及11.8倍市盈率的代價，收購南寧百盛70%及天津百盛100%股權，該行認為收購價合理，加上該兩店去年盈利上升2.67倍，預期07至09年更將錄得1.5倍增長。因此，高盛維持買入百盛評級，目標價為89.8元。 百盛現報63.55元，跌6.96%，成交金額8,235.8萬元。

lovesoccer88

百盛的财经报告也出了，比前期Profit up 3-4倍。

Mr.Business

新闻。

Thursday May 29, 2008
Long-term potential in Parkson
CAPITAL TALK

Parkson Holdings, formerly Amalgamated Containers Bhd, is known to Malaysians, especially i Capital’s subscribers. Those who bought through Lion Diversified Bhd are literally laughing all the way to the bank.

IN September 2006, Amalgamated Containers Bhd (ACB) acquired the entire equity interest in PRG Corp Ltd, Parkson Corp Sdn Bhd, Parkson Venture Pte Ltd, Serbadagang Holdings Sdn Bhd and Sea Coral Ltd from Lion Diversified Holdings Bhd for RM4.3bil.

This was satisfied via 3,799.73 million new shares and RM500mil three-year 3.5% coupon redeemable convertible secured loan stocks.

ACB also implemented a capital reduction of 75 sen per share and thereafter a share consolidation on the basis of every four resultant shares of 25 sen each into one RM1 share in ACB.

These acquisitions were completed on Sept 19, 2007 and ACB changed its name to Parkson.

As part of the restructuring, ACB sold its steel service centre and electronics business. The sale transformed ACB into the only listed Asian retail group.

Parkson is the largest department store chain in China and owns and operates 41 department stores across 26 major cities. The China retail operations are listed on the Hong Kong stock exchange under Parkson Retail Group Ltd and Parkson holds a 53.5% equity interest.

The impressive financial performance in the table illustrates the performance of Parkson in China.

Although it is already the largest department store chain in China, the scope for expansion is still tremendous.

In China, Parkson expands by acquiring minority interests of its current stores, acquiring the stores managed by Parkson but not yet owned, buying department stores of competitors and setting up of new stores.

Parkson has been a department store operator in Malaysia since 1987. Presently, there are 31 stores nationwide. Parkson has been consistently profitable in Malaysia.

The store chain has also expanded to another fast growth, vast potential economy – Vietnam. It was the first foreign-owned department store to be given a licence to operate there.

The first store opened in Ho Chi Minh City in June 2005 and Parkson has four stores in Vietnam today. The operations in Vietnam are wholly owned by Parkson.

The population and physical size of China is vast. Add fast, sustained economic growth, and the switch in source of growth from exports to domestic consumption. The end result is growth potential as far as the eye can see. At a market price of HK$62.80, Parkson Retail is capitalised at HK$36.38bil.

A 53.5% stake would be worth HK$19.46bil, or close to RM7.31bil. In other words, by paying RM6.55 for each Parkson share, you get RM7.31 worth of Parkson Retail shares.

Thrown in for free would be the consistently profitable Parkson operations in Malaysia (albeit the profit being substantially lower than China’s) and the already profitable (but still small) Vietnam operations. Given the high economic growth rate and the population of 80 million, Vietnam’s retail operations would quickly surpass the earnings of Parkson Malaysia.

So, at a price of RM6.55, or a fully diluted market capitalisation of RM7.163bil, investors of Parkson get the only listed Asian retail group at a hefty discount.

Despite its rapid expansion, Parkson still has a strong balance sheet, besides a business model that has negative working capital requirements and generating a high return on equity.

With the fair price of Parkson reckoned to be double-digit, i Capital still rates Parkson a long-term “buy”.

http://biz.thestar.com.my/news/s ... 384745&sec=business

[ 本帖最后由 Mr.Business 于 29-5-2008 04:59 PM 编辑 ]

kclaulau

5月 30日 星期五 12:06 更新
聯交所資料顯示，百盛(3368.HK)(3368.HK - 新聞 - 公司資料)主席鍾廷森於5月21日，以每股平均價$67.45，增持公司199.4萬股，其持股量已由53.33%增至53.68%。

WEE9858

小悲在RM6.7购入，才几天就。。。。。

loong81

收着咯。。。。

每天爱我多一些

幸好我早就跑人料。。。
要不然，亏很多。

khokhokho

別在和百盛控股（PARKSON)講到如此好，那些分析員是給人家買通了，大力晿好，知道的人都了解，百盛控股（PARKSON)的盈利是以大數量超級市埸來運作，一但出問題，資金就會被銷死，所以中國、越南就是如此。

如果去問別家上市的超級市埸，問問內政部里的人，這種運作，最後不是負債過高就是出附加股和股東拿錢去運轉，最後一間一間關閉，之後大平賣，把那些賣不出的貨品，用一家來清盤，之後也會同樣方法來運作。

WEE9858

那。。是时后再买进吗？

watson

公司请媒体唱好个体股的前景，是真是假，好难捉摸。

slayer_boxer

哎哟。。。。

我的一个朋友也是很传奇

他在6。1 买进3张， 然后就跌跌跌倒5。2 。。。。他不卖

然后就疯狂上到7。2  ， 他还是不卖

现在跌倒5。5 。。。。刚刚他对我说（msn）， parkson 的shareholder ，心脏要很好
上上下下很厉害

他还是不卖

哈哈哈哈

we_sky

你朋友一定是warren buffet的支持者
有前途