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 银行投资银行有限公司（MIDF 研究）已将 Padini 控股有限公司的评级从买入调降至中立，目标价由4.30令吉下调至3.28令吉。此次下调反映出由于财务业绩表现不及预期，增长潜力有限。相反，马来亚银行投资银行有限公司（Maybank IB）维持其买入建议，并保持目标价不变为3.80令吉，预计盈利势头将在未来几个季度加速。
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财政年度第一季度（1QFY25）的营业收入同比小幅增长1.3%，达到39310万令吉。然而，季度内业绩同比下降13.6%，主要是因为缺少通常推动消费支出的重要节庆活动。季度核心净利润为2100万令吉，同比下降21%，环比下降20%，不包括950万令吉的汇率损失。
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 研究将盈利下滑归因于较高的销售、分销和行政费用，包括工资增加和额外的促销支出。由于这些原因，集团的毛利率下降了0.5个百分点至35.6%，而营业利润率下降了4.7个百分点至5.7%。MIDF 研究调整了对2025至2027财政年度的盈利预测，分别将预测下调了23%、27% 和 28%，原因是成本上涨和营业收入增长疲软。
Despite the challenges, Padini declared a second interim dividend of 2.5 sen per share, maintaining its commitment to shareholder returns.
尽管面临挑战，Padini 宣布每股第二次中期股息为2.5仙，保持对股东回报的承诺。
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，马来亚银行投资银行仍然对 Padini 的长期前景保持乐观。研究机构预计收入将在未来几个季度改善，受节庆支出、公务员薪资提升和最低工资增加的推动。Padini 注重经济实惠的时尚定位，使其在政府倡导的EPF第三账户提取等政策影响下，有望受益于不断增加的可支配收入。马来亚银行投资银行预计这些因素将提振需求，有助于2025财政年度第二季度的复苏。
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在应对当前的成本压力并保持市场吸引力的能力，将是其未来增长的关键，分析师们都强调该集团在物有所值零售领域的长期潜力。
