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Manage your own positions well until the performance is out. FY2023 Annual report for PRG has been released in HKEX and PRG recorded a net profit of RMB66M compared to loss of RMB383M in FY2022. It is the first return to black fiscal year since 2016. There is one more new store officially opened in Jan'24 and FY2024 shall remain in black with the continuous efficiencies efforts in place.
28 sen Support is Strong:
Parkson Holdings Bhd continues on an ascending trend line that began in May this year. Going by yesterday's positive performance, the share is expected to continue climbing, with support from the key simple moving averages (SMAs). Should the share cross above the resistance of 37.5 sen, it stands to proceed to a higher price target of 50 sen.
Over the last seven financial years, its annual net loss has hovered between RM95 million and RM436 million. The worst was in FY2020 when its net loss plunged to RM436.35 million when the COVID-19 lockdowns forced retailers like Parkson to temporarily cease operations. It suffered a huge blow as the bulk of its department stores are located in China.
China contributed about 70% to the group’s revenue in 2022 at RM2.1 billion while Malaysia made up about 25% at RM754 million. The remaining 5% was derived from the operation of credit services, food and beverage businesses, and investment holdings.
Although China contributed the bulk of group revenue in 2022, Malaysia contributed a higher portion to segment profit at RM209.13 million compared with China’s RM27.06 million due to DEFLATION in China from Oct until Dec last year.
Nevertheless, for the cumulative six months ended June 30, its operations in China have seen tremendous improvement, with revenue increasing 7% to RM1.23 billion from a year earlier while segment profit improved more than five times to RM171.26 million - By Esther Lee / The Edge Malaysia, 21 Nov 2023
need to breakout above resistance 0.290 to confirm uptrend but beware of support broken at 0.245. want more analysis report check website at my profile
