วันอังคารที่ 26 พฤษภาคม พ.ศ. 2552

Phillip Stock Market Trends Recommends Buy ROBINS

Robinson Department Store - ROBINS - BUY

Target price : Bt7.65
Recommendation : BUY
Closing Price (10 March 09) : Bt6.10

2009 net profit forecast unchanged at Bt911.41m
- ROBINS posted 2008 net profit up 18% YoY on the back of higher sales and better margins, especially for its provincial branches.
- Thailand's gross domestic product is expected to turn negative this

current stock market trends
year in the weakened economic environment. We leave our 2009 earnings estimates unchanged for the time being. We expect 2009 net profit to be down 10.65% YoY to Bt911.41m.
- We chop our 2009 price target to Bt7.65/share to reflect a cut in target P/E to 9x from 11x. In our view, uncertainty remains high. Further downward revisions in GDP forecasts are likely. However, as the new target still implies some upside from current levels, we therefore reiterate a BUY stance on ROBINS.

2008 net profit of Bt1,020m, up 18% YoY
Though the double headwinds of economic downturn and political unrest including airport blockage dampened seasonally strong sales in Dec 2008, sales revenue for the full year 2008 however managed to rise 10% YoY. Sales at provincial branches grew as high as 13.8% YoY, but sales at branches in Bangkok rose at a slower pace of 6.2% YoY. Margins also picked up. Full-year net profit therefore came in at Bt1,020m, up 18% YoY.

2009 net profit to be down 10.65% YoY
ROBINS has guided for 2009 same store sales growth of 6% YoY. However, we expect Thailand's gross domestic product to see a deeper contraction this year. On this basis, we expect ROBINS sales revenue to be flat from a year earlier at Bt12,362m. Other income is forecast to fall in the face of the slowing economic conditions. ROBINS plans to open a new store in Chonburi Province in mid-2009, a factor that will push depreciation charges higher. We therefore expect mid-year earnings to be weak. Marketing expenses are projected to rise in an effort to cheer up sales. We estimate 2009 net profit to be down 10.65% YoY to Bt911.41m.

BUY rating maintained but 2009 price target cut to Bt7.65/share
We chop our 2009 price target to Bt7.65/share to reflect a cut in target P/E to 9x from 11x. In our view, uncertainty remains high. Further downward revisions in GDP forecasts are likely. We expect 2009 sales to come in below ROBINS' guidance. However, as the new target still implies some upside from current levels, we therefore reiterate a BUY stance on ROBINS.

By Phillip Securities (Thailand) Plc. on Mar 11, 2009

current stock market trends
USA Cities

Aurora Colorado,Tucson Arizona,Dallas Texas ,New York New york,Toledo Ohio,Laredo Texas,Henderson Nevada,Akron Ohio,Chandler Arizona,Buffalo New York ,Santa Ana California ,Plano Texas,Oakland California,Tulsa Oklahoma,Oyster Bay New York,Cincinnati Ohio,Albuquerque New Mexico ,Lincoln Nebraska,Milwaukee Wisconsin,North Hempstead New York,Raleigh North Carolina ,San Antonio Texas,Pittsburgh Pennsylvania,Honolulu Hawaii,Tampa Florida,St. Paul Minnesota ,Anaheim California,Fresno California,Arlington Texas ,Lexington-Fayette Kentucky,Miami Florida,Columbus Ohio,Denver Colorado,Sacramento California,Durham North Carolina ,Virginia Beach Virginia ,Colorado Springs Colorado ,San Jose California ,Austin Texas,Washington District of Columbia,Birmingham Alabama,Las Vegas Nevada ,Mesa Arizona,Newark New Jersey ,Philadelphia Pennsylvania ,Rochester New York ,St. Petersburg Florida ,Jacksonville Florida,Hialeah Florida,Boston Massachusetts,Cleveland Ohio,Fort Wayne Indiana ,Wichita Kansas ,Seattle Washington,Memphis Tennessee,Nashville-Davidson Tennessee,Long Beach California ,Chesapeake Virginia,Stockton California,Detroit Michigan,Babylon New York ,San Francisco California ,Norfolk Virginia,El Paso Texas ,Atlanta Georgia,Lubbock Texas,Madison Wisconsin,Charlotte North Carolina ,Orlando Florida,Reno Nevada,Los Angeles California,Kansas City Missouri ,New Orleans Louisiana ,Baton Rouge Louisiana ,Houston Texas ,Bakersfield California,Oklahoma City Oklahoma ,Jersey City New Jersey,St. Louis Missouri ,Scottsdale Arizona,Omaha Nebraska,Riverside California,Islip New York ,Glendale Arizona,San Diego ,Corpus Christi Texas ,Chicago Illinois ,Garland Texas,Greensboro North Carolina ,Chula Vista California ,Baltimore Maryland,Portland Oregon ,Phoenix Arizona ,Minneapolis Minnesota,Hempstead New York ,Anchorage Alaska,Modesto California,Brookhaven New York ,Indianapolis Indiana,Fort Worth Texas

ไม่มีความคิดเห็น:

แสดงความคิดเห็น