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In the first quarter, the total retail sales of consumer goods reached 12,032.7 billion yuan, up by 4.7 percent year on year. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 10,428.0 billion yuan, up by 4.6 percent, and that in rural areas stood at 1,604.7 billion yuan, up by 5.2 percent. Grouped by consumption patterns, the retail sales of goods were 10,688.2 billion yuan, up by 4.0 percent; the income of catering was 1,344.5 billion yuan, up by 10.8 percent. Goods for basic living enjoyed good sales, with the retail sales of grain, oil and food and of beverage by enterprises above the designated size up by 9.6 percent and 6.5 percent respectively. The sales of some upgraded goods grew fast. The retail sales of sports and recreational articles and of communication equipment by enterprises above the designated size grew by 14.2 percent and 13.2 percent respectively. The online retail sales reached 3,308.2 billion yuan, up by 12.4 percent year on year. Specifically, the online retail sales of physical goods were 2,805.3 billion yuan, up by 11.6 percent, accounting for 23.3 percent of the total retail sales of consumer goods. In March, the total retail sales of consumer goods went up by 3.1 percent year on year, or up by 0.26 percent month on month. In the first quarter, the retail sales of services went up by 10.0 percent year on year.
Malaysia: Sales of Retail Trade registered a growth of 5.8 per cent yoy as compared to February 2023. Among the groups that contributed to this growth were Retail Sale of Other Goods in Specialised Stores (9.5%), Retail Sale of Food, Beverages & Tobacco in Specialised Stores (8.0%), and Retail Sale in Non-specialised Stores (6.7%). Compared with January 2024, sales of this sub-sector increased 0.7 per cent, pulled up by Retail Sale in Non-specialised Stores (1.7%), Retail Sale of Other Goods in Specialised Stores (1.1%), Retail Sale of Food, Beverages & Tobacco in Specialised Stores (0.9%), Retail Sale of Cultural & Recreation Goods in Specialised Stores (0.9%), Retail Sale Via Stalls & Markets (0.7%), and Retail Sale of Automotive Fuel in Specialised Stores (0.7%).
this thread started 1030 days ago and that's how long F@@L has invested in Parkson, tim foo. He is a long term shareholder and lots of info shared by F@@L in this thread :)
Long enough to witness the ups and downs as it turned to operating profit instead of losses, tim foo. Lots of sharing from F@@L, AC and other long term shareholders. And it provides learning opportunity as long term shareholders dig deep into its balance sheet to make some sense from the numbers :) If you are new here, FY2023 marked the 3rd consecutive profitable years for PRA and 1st profitable year for PRG since FY2015/2016. PHB 83M impairment in Q4 balance sheet hammered the prospect of first profitable year since FY2015; changes to its CGU / fixed assets if you will :) The only risk carried forward in the beginning of FY2023 was the MUGC and the risk is no longer there. The only item that requires monitoring is the group assets parked under PHB :) Any changes to these assets that affects its CGU will results in another journal entry of impairment loss; once bitten twice shy :) So far so good as there are no major announcement related to these assets.
I am not sure what it meant by that, tim foo? I am depending on the translation in this app and the translated words showing "Create a combination". Maybe F@@L's meaning is diversifications / investing in different stocks? You can wait for him to reply :)
Have you guys read FY2023 PRA and PRG annual report, F@@L and AC? Have a look at it as PRG returned to black for the first time since FY2015/2016. I am waiting for PHB's annual report and lets keep an eye for any changes on its CGU in FY2024 along the way. PRA - 3rd consecutive profitable fiscal year, PRG - 1st profitable fiscal year and PHB - hopefully the 1st one in FY2024 :)
All is well, tim foo. Annual report for PHB and followed suit by Q1'24 performance in May. Will be eyeing for opportunity to add again as I opted to zero cost my positions earlier.
Thanks, F@@L. Hopefully FY2024 will be PHB's turn to be profitable. Let's keep an eye on the list of assets parked under PHB; if there are potential changes to its CGU throughout FY2024.
*Examining Cashflow Against Parkson Retail Group's Earnings*
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Over the twelve months to December 2023, Parkson Retail Group recorded an accrual ratio of -0.21. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had *free cash flow of CN¥930m* in the last year, which was a lot more than its *statutory profit of CN¥66.4m*. Given that Parkson Retail Group had negative free cash flow in the prior corresponding period, the trailing twelve month result of CN¥930m would seem to be a step in the right direction.
Thanks, AC. Looking at the latest PHB report, it is now confirmed that the impairment entry of ~83M in Q4'23 was indeed coming from the Qingdao properties whereby the goodwill for these properties amounted to 63.5M :) Shareholders can confirm this from the list of group properties in page 230 line item #1. The shopping complex and offices have been disposed / ceased control over the assets / transaction closed and what is left is only an apartment :)
absolutely sure, Chong. You can compare FY22 AR and FY23 AR. The first line item under the list of group properties is the Qingdao asset details. You will notice the changes on this line item :)
FY2023 is the first profitable fiscal year for PRG since 2015/2016, AC :) We should be seeing profitable FY2024 for PRG again based on the on-going efficiencies actions from the group + economic situation that you mentioned :) We want to see PHB returning to black hopefully starting FY2024 since PRA and PRG are both profitable now.
In term of the liquidity of PRG, I checked and noted that in 2020 and 2021, PRG was in Net Current Liabilities position. But for 2022 and 2023, PRG had really improved and in Net Current Assets Position
Key points for PRG
EPS: CNY0.025 (up from CNY0.15 loss in FY2022)
Revenue: CNY4.10b (up 10% from FY2022)
Net Income: CNY66.4m (up CNY450.0m from FY2022)
Profit Margin: 1.6% (up from net loss in FY2022). The move to profitability was primarily driven by higher revenue
Like-for-like sales growth: 7.1% vs FY2022
Over the last 3 years on average, EPS has increased by 17% per year but PRG share price has fallen by 23% per year, which means it is significantly lagging earnings. IT IS UNDERVALUED!
Thanks, AC and F@@L. No doubt about it :) After years of operating losses, both PRA and PRG / the group is now in good position. Looking forward to the AGM / message from the board.