Padini's Prospect Remains Attractive Despite Modest Revenue Increment
Padini's Prospect Remains Attractive Despite Modest Revenue Increment
Despite the challenges, Padini declared a second interim dividend of 2.5 sen per share, maintaining its commitment to shareholder returns.
MIDF Amanah Investment Bank Bhd (MIDF Research) has downgraded Padini Holdings Bhd to a NEUTRAL rating from BUY, with a revised target price of RM3.28, down from RM4.30. The downgrade reflects limited growth potential following weaker-than-expected financial results. In contrast, Maybank Investment Bank Bhd (Maybank IB) maintained its BUY call with an unchanged target price of RM3.80, anticipating earnings momentum to accelerate in the coming quarters.
MIDF 銀行投資銀行有限公司（MIDF 研究）已將 Padini 控股有限公司的評級從買入調降至中立，目標價由4.30令吉下調至3.28令吉。此次下調反映出由於財務業績表現不及預期，增長潛力有限。相反，馬來亞銀行投資銀行有限公司（Maybank IB）維持其買入建議，並保持目標價不變爲3.80令吉，預計盈利勢頭將在未來幾個季度加速。
Padini's revenue for the first quarter of the financial year 2025 (1QFY25) saw a modest 1.3% increase year-on-year (YoY) to RM393.1 million. However, the quarter-on-quarter (QoQ) performance showed a decline of 13.6%, mainly due to the absence of major festive events which typically drive consumer spending. Core net profit for the quarter stood at RM21 million, reflecting a 21% drop YoY and a 20% decline QoQ, excluding a foreign exchange loss of RM9.5 million.
Padini 在2025財政年度第一季度（1QFY25）的營業收入同比小幅增長1.3%，達到39310萬令吉。然而，季度內業績同比下降13.6%，主要是因爲缺少通常推動消費支出的重要節慶活動。季度核心淨利潤爲2100萬令吉，同比下降21%，環比下降20%，不包括950萬令吉的匯率損失。
MIDF Research attributed the earnings decline to higher selling, distribution and administrative expenses, including salary increments and additional promotional spending. As a result, the group's gross profit margin contracted by 0.5 percentage points (ppt) to 35.6%, while operating profit margin fell by 4.7ppt to 5.7%. MIDF Research revised its earnings forecasts for FY25 to FY27, reducing projections by 23%, 27% and 28%, respectively, due to the rising cost environment and subdued revenue growth.
MIDF 研究將盈利下滑歸因於較高的銷售、分銷和行政費用，包括工資增加和額外的促銷支出。由於這些原因，集團的毛利率下降了0.5個百分點至35.6%，而營業利潤率下降了4.7個百分點至5.7%。MIDF 研究調整了對2025至2027財政年度的盈利預測，分別將預測下調了23%、27% 和 28%，原因是成本上漲和營業收入增長疲軟。
Despite the challenges, Padini declared a second interim dividend of 2.5 sen per share, maintaining its commitment to shareholder returns.
儘管面臨挑戰，Padini 宣佈每股第二次中期股息爲2.5仙，保持對股東回報的承諾。
On the other hand, Maybank IB remains optimistic about Padini's long-term prospects. The research house anticipates that earnings will improve in the upcoming quarters, driven by festive spending, civil service salary hikes, and minimum wage increases. Padini's focus on affordable fashion positions it well to benefit from rising disposable income, especially with government initiatives such as EPF Account 3 withdrawals. Maybank IB expects these factors to bolster demand and contribute to a recovery in the second quarter of FY25.
另一方面，馬來亞銀行投資銀行仍然對 Padini 的長期前景保持樂觀。研究機構預計收入將在未來幾個季度改善，受節慶支出、公務員薪資提升和最低工資增加的推動。Padini 注重經濟實惠的時尚定位，使其在政府倡導的EPF第三帳戶提取等政策影響下，有望受益於不斷增加的可支配收入。馬來亞銀行投資銀行預計這些因素將提振需求，有助於2025財政年度第二季度的復甦。
Padini's ability to navigate the current cost pressures while maintaining its market appeal will be key to its future growth, with both analysts highlighting the group's long-term potential in the value-for-money retail segment.
Padini在應對當前的成本壓力並保持市場吸引力的能力，將是其未來增長的關鍵，分析師們都強調該集團在物有所值零售領域的長期潛力。
譯文內容由第三人軟體翻譯。
