[%znYG%]
Research by Kenanga
Market Perform – TP of MYR 3.63

“Optimising Over Expanding ” 

PADINI hopes to sustain its gross profit (GP) margin at above 35% through inventory and store optimisation, rather than price hikes that could hurt demand. It remains cautious on store expansion. Instead, it will focus on optimising underperforming stores. We maintain our forecasts, TP of RM3.63 and MARKET PERFORM call

Analyst(s):
Cheow Ming Liang 
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$KLSE-PADINI
Research by Kenanga
Market Perform – TP of MYR 3.63

“Optimising Over Expanding ” 

PADINI hopes to sustain its gross profit (GP) margin at above 35% through inventory and store optimisation, rather than price hikes that could hurt demand. It remains cautious on store expansion. Instead, it will focus on optimising underperforming stores. We maintain our forecasts, TP of RM3.63 and MARKET PERFORM call

Analyst(s):
Cheow Ming Liang 
Cheowml@kenanga.com.my