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阿瑪納投資銀行有限公司（MIDF Research）已將帕迪尼控股有限公司的評級從買入下調至中性，目標價從4.30令吉下調至3.28令吉。降級反映了財務業績低於預期後的增長潛力有限。相比之下，馬來亞銀行投資銀行有限公司（Maybank IB）維持買入看漲期權，目標價爲3.80令吉不變，預計未來幾個季度的盈利勢頭將加速。
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.
帕迪尼在2025財年第一季度（1QFY25）的收入同比（同比）溫和增長了1.3％，達到39310萬令吉。但是，同比（QoQ）的表現下降了13.6％，這主要是由於缺乏通常會推動消費者支出的重大節日活動。該季度的核心淨利潤爲2100萬令吉，反映出同比下降21％，環比下降20％，其中不包括950萬令吉的外匯虧損。
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 Research將收益下降歸因於銷售、分銷和管理費用的增加，包括加薪和額外的促銷支出。結果，該集團的毛利率下降了0.5個百分點（ppt），至35.6％，而營業利潤率下降了4.7個百分點，至5.7％。由於成本環境上升和收入增長疲軟，MIDF Research將其25財年的收益預測上調至27財年，預期分別下調了23％、27％和28％。
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，但帕迪尼還是宣佈第二次派發每股2.5仙的中期股息，維持了對股東回報的承諾。
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，馬來亞銀行對帕迪尼的長期前景仍然持樂觀態度。該研究機構預計，在節日支出、公務員薪資上調和最低工資增加的推動下，未來幾個季度的收入將有所改善。帕迪尼對平價時尚的關注使其能夠從可支配收入的增加中受益，尤其是在公積金帳戶3提款等政府舉措中。Maybank Ib預計，這些因素將提振需求，並促進25財年第二季度的復甦。
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.
帕迪尼在保持市場吸引力的同時應對當前成本壓力的能力將是其未來增長的關鍵，兩位分析師都強調了該集團在物有所值的零售領域的長期潛力。