1

Stock Focus
(023849) 24 August 2010
Padini Holdings Berhad RM 4.12
BUY

FY Dec 2007 2008 2009 2010E 2011E

RM m
Revenue 316.9 383.3 475.5 524.8 595.3
PBT 44.0 57.7 67.6 78.1 92.5
Net Profit 31.4 41.7 49.5 58.6 69.4
EPS (sen) 23.9 31.7 37.6 44.5 52.7

Growth (%)
Revenue 10.9 20.8 24.1 10.4 13.4
PBT 11.5 30.9 17.3 15.5 18.4
Net Profit 13.4 32.8 18.7 18.4 18.4

Margin (%)
PBT 13.9 15.0 14.2 14.9 15.5
!
" Net Profit 9.9 10.9 10.4 11.2 11.7

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F o r P r iv a t e C i r c u l a t i o n O n l y
Padini Holdings Berhad

Brands Product Range

Formal working attires and Smart Casual clothing for adults

Elegantly casual wear for kids and adults

Hardwearing casual attires and accessories in denims, khakis and knitwear

Teenagers casual wear

Trendy teenage girl attire

Hardwearing children attire

Maternity wear

Ladies’ footwear, handbags, sunglasses, belts and hair accessories

Vincci+ Fashionable accessories targeted on middle to high end customers

Affordable accessories, i.e., necklaces, bangles, rings, earrings, belts, sunglasses, watches,
shoes, bags, hand phone accessories

All Padini’s brands in one-roof

Variety brands for all range, from casual wear, inner wear, to accessories.
In- house brands include Garage, Guya, Industries, Tizio Studio Men , X-Girl, Mirror, Theory,
Quincy, Blitz, Downtown, Duchess, Seven Nights, Studio Ladies , Nature Clothing, Lady
Legs and Traffic.

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Padini Holdings Berhad

PROFIT BEFORE TAX PBT MARGIN

70,000 20%

PBT: CAGR FY01 - FY09: 23.9% 18%

60,000
16%
50,000 14%

PBT Margin
12%
40,000
RM '000

10%
30,000
8%

20,000 6%

4%
10,000
2%

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01 02 03 04 05 06 07 08 09
FY01 - FY09

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Padini Holdings Berhad

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Forward PE (x)
Padini Holdings Bhd 9.1
Bonia Corporation Bhd 9.4
Voir Holdings Bhd 13.2
Hing Yiap Group 5.3
DNP Holdings Bhd 8.4
Average (excluding Padini) 9.0
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