| Parkson Holdings Bhd announced via Bursa that Singapore’s sovereign wealth fund, GIC Private Ltd, ceased to be a substantial shareholder in the company. GIC sold 5.74 million shares or 0.5% on the open market, leaving it with a 4.57% interest in Parkson. According to Bursa filings, GIC had been continually selling the company’s shares since April.
At least one research house, AllianceDBS Research, had issued a sell call on the counter. “Parkson’s FY14 results missed consensus (-12%) but beat our expectations (+8%). Net profit plunged 42% year-on-year (yoy) despite revenue growth of 1.4%. Q4FY14 earnings were dragged down by weak China operations (under Parkson Retail Group [PRG]) with earnings before income tax (Ebit) dropping 29% yoy despite revenue rising 1%...............................................Full Article: Source
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