[%KlQD%] 
Research by TA
Buy – TP of MYR 4.70

“Topline Remains Resilient ” 

To recap, 3QFY24 benefitted from the Chinese New Year (CNY) festivities, resulting in a 15% QoQ growth in revenue, reaching RM575.3mn. During this quarter, Padini closed 2 stores (FSS Vincci Jusco Cheras Selatan & 1 overseas own-managed store), leading to a net decrease in 2 stores, bringing the total to 152. Nevertheless, same store sales growth (SSG) increased by 19% QoQ due to the resilient sales and successful promotional campaign during CNY, which boosted Padini’s topline. Looking ahead, we expect the topline to remain resilient in 4QFY24 (April to June), as management indicated that the contribution of Hari Raya sales was minimal in 3QFY24, with a more significant impact expected in the upcoming quarter. According to management, fever than 5 new store openings are planned for 4QFY24.

Analyst(s):
Liew Yi Jiet
[%ozQp%]

$KLSE-PADINI 
Research by TA
Buy – TP of MYR 4.70

“Topline Remains Resilient ” 

To recap, 3QFY24 benefitted from the Chinese New Year (CNY) festivities, resulting in a 15% QoQ growth in revenue, reaching RM575.3mn. During this quarter, Padini closed 2 stores (FSS Vincci Jusco Cheras Selatan & 1 overseas own-managed store), leading to a net decrease in 2 stores, bringing the total to 152. Nevertheless, same store sales growth (SSG) increased by 19% QoQ due to the resilient sales and successful promotional campaign during CNY, which boosted Padini’s topline. Looking ahead, we expect the topline to remain resilient in 4QFY24 (April to June), as management indicated that the contribution of Hari Raya sales was minimal in 3QFY24, with a more significant impact expected in the upcoming quarter. According to management, fever than 5 new store openings are planned for 4QFY24.

Analyst(s):
Liew Yi Jiet
yjliew@ta.com.my