Wednesday, December 29, 2010

Padini Holdings Bhd 7052

Padini is success with the brand Vincci, Vincci+, Vincci Accessories, Padini Authentics, PDI, Padini, Seed, Miki, and P&Co.

I think most of you are familiar with those brands especially girls~ :p
There is one thing I cannot understand, why girls need so much clothes and shoes.. -_-"

Based on year 2010 annual report, its domestic operation accounted for 91.3% of the group's consolidated revenues. But domestic operation contributed 89.0% at year 2009. There is a slight decrease on the oversea market shares.

Padini is a cash rich company, no major capex need to expand, the capex normally go for shop lot renovation only~

Profit margin is around 50% (this figure is improving since year 1999, from around 38% to 50% now)
Selling and distribution costs is around 24% to 28%
Administrative expenses is around 8.6% (this category is also improving from around 10% to 8.6% now)

The management is doing a good job until now, its finance is healthy also. At the moment, Padini is holding cash around 135 million with around 36 million in debt.
However the growth of revenue of Padini is much more depending on the growth of number of shop lot or merchants.

Three major shareholders are holding around 74.4% shares, this inclusive Icapital, one of the major shareholder which hold around 3.45%.

Current share price RM 5.40, latest 4 quarters EPS stood at 44.79 cents, which gives PE around 12.

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Please note that all data given are merely blogger's opinion. It is strongly recommended that you do your own analysis and research before investing.