Parkson Retail Asia upgraded to "add", target raised to 92 cents by CIMB

Stock Name: Parkson Retail
Company Name: PARKSON RETAIL ASIA LIMITED

Research House: CIMB

Price Call: HOLD

Target Price: 0.92

SINGAPORE (Feb 10): CIMB has upgraded Parkson Retail Asia to "add" from "hold" and raised its price target from 83 cents to 92 cents, based on 18 times projected FY2016 earnings.

The department store operator "seems to be getting to grips" with problems in its markets outside Malaysia, with business at its major outlets in Indonesia picking up after their gestation period, according to CIMB analysts Kenneth Ng and Jonathan Seow.