Friday 29 Mar 2024
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KUALA LUMPUR (Aug 28): MIDF Amanah Investment Bank Bhd derived a new target price (TP) of RM5.55 for Padini Holdings Bhd shares, compared to RM4.77 previously, based on the garment retailer's valuation for financial year ending June 30, 2020 (FY20).

In a report today, MIDF said it derived the RM5.55 TP based on a price-earnings ratio of 15.5 times Padini's estimated FY20 earnings.

MIDF said this today, after Padini reported yesterday that its FY18 net profit rose to RM178.26 million, from RM157.39 milion a year earlier.

Today, MIDF said: "Padini's 4QFY18 earnings came in at RM57.3m. This brings its full year FY18 earnings to RM178.3m, which met ours and consensus’ expectations, accounting for 100.0% and 103.3% of full year FY18 earnings forecasts respectively." 

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