Parkson

Date announced 24/08/2010
Quarter 30/06/2010 Qtr 4
FYE 30/06/2010

STOCK Parkson
C0DE  5657 

Price $ 5.95 Curr. PE (ttm-Eps) 21.33 Curr. DY 1.01%
LFY Div 6.00 DPO ratio 22%
ROE 15.2% PBT Margin 24.2% PAT Margin 9.0%

Rec. qRev 620370 q-q % chg -18% y-y% chq 8%
Rec qPbt 150129 q-q % chg -27% y-y% chq -2%
Rec. qEps 5.46 q-q % chg -33% y-y% chq -1%
ttm-Eps 27.89 q-q % chg 0% y-y% chq -4%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 20.00 Avg. L PE 17.00
Forecast High Pr 7.12 Forecast Low Pr 4.74 Recent Severe Low Pr 4.74
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 49% Downside 51%
One Year Appreciation Potential 4% Avg. yield 1%
Avg. Total Annual Potential Return (over next 5 years) 5%

CPE/SPE 1.15 P/NTA 3.25 NTA 1.83 SPE 18.50 Rational Pr 5.16



Decision: Already Owned: Buy Hold Sell Filed; Review (future acq): Filed; Discard: Filed
Guide: Valuation zones Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr