China's latest economic measures seems a bit aggressive; particularly addressing the sluggish property sector and liquidity support for China stocks; strong support for equity market if you will. Will there be more measures in coming months to increase the consumer consumption/spending which is their main GDP contributor?

整天都在开会和月尾结账，忙到很狗

这里再次准备上升了

中国只会越来越好

要相信世界经济的改革

not a surprise for PRA to exit the watchlist as Malaysia ops has been reporting positive profits for 3 consecutive years now. PRG (China ops) has just reported the first profitable fiscal year in FY23 and we should continue to see 2nd consecutive profitable fiscal year in FY24 barring any unforeseen circumstances. It is PHB that has yet to report the first profitable fiscal year due to impairment charges; so near yet so far in FY23 though. While impairment is a non-cash expense, it will drag the net profit down as impairment is considered as "operating expense". On the positive side, impairment will lower down the asset value which in return will reduce the depreciation expense over the longer term; positive impact to profitability. Either sell non profitable China malls to stop impairment or wait for the inflection point where asset value is lower than recoverable amount. It feels like management opting for the latter as we have not seen aggressive closure of non profitable malls in China yet.

sell on news

just don't bother if you are looking for mid to long term

this is just a type of noise in stock market

cheng

that why don't bother about selling on news

this is a trick and trap being told by syndicates

must hold and collect on dip

where got sell on news

all scare ppl and caused panic selling

those are noises

just don't bother the noise

return will be handsomely good

Thanks for sharing, war breaker. More stimulus should be expected from China gomen as they are adamant to meet the 5% growth rate for 2024; which means higher consumer consumption/spending needed to meet the target. Some economists anticipating that a higher fiscal measures in trillion yuan will probably be announced by the end of the month to meet the growth number.

KUALA LUMPUR, Oct 7 — Prime Minister Datuk Seri Anwar Ibrahim expressed optimism about Budget 2025 after signing documents at the Ministry of Finance today, noting that it will strengthen the economic framework and promote equitable distribution. Budget 2025 will be tabled in Parliament on October 18, 2024. “With optimism, I anticipate that during the budget presentation on October 18, further enhancements to the economic framework will be unveiled, aiming to facilitate a more equitable distribution of accelerated economic growth among a wider population,” he wrote on the X platform.He also expressed sincere gratitude to all those who contributed to the formulation of Budget 2025.

In a recent interview with CNBC, Anwar, who also serves as finance minister, said the Madani government will address inflation and boost wages in the upcoming budget. — Bernama

Let's see whether any new fiscal measures in trillion yuan as anticipated by economists in the two upcoming meeting/conference (1) Ministry of Finance fiscal policy briefing on 12th Oct (2) Standing committee of the National People's Congress on 20th to 24th Oct. China's GDP in 2023 is about RMB126 trillion and more than 50% of it contributed by consumer consumption/spending. The target for 2024 is 5% growth rate. Millions worth of monetary/fiscal policies wont make much of a difference to its GDP :) A 1% of monetary/fiscal policies worth of 2023 GDP is equivalent to RMB1.3 trillion.

Good data coming out of china retail sales :) Better-than-expected growth for China's third-quarter gross domestic product expanded by 4.6% year on year, according to the National Bureau of Statistics. Even though that's higher than the 4.5% in a Reuters poll, it trails the second-quarter's growth of 4.7%. On a quarterly basis, China's economy grew by 0.9% in the third quarter.

Chinese and U.S. retail sales going strong: China's retail sales for September grew 3.2% from a year ago, said the National Bureau of Statistics. That's better than the 2.5% estimate in an LSEG poll and August's figure of 2.1%. Across the Pacific Ocean, retail sales in the U.S. rose a seasonally adjusted 0.4% for September. It's higher than both the 0.1% gain in August and the 0.3% Dow Jones forecast.

China's domestic consumption kept increasing in September, with faster rise in the sales of auto and home appliance, highlighting the nation's significant potential for sustaining economic growth amid a slew of policy supports. In September, the total retail sales of consumer goods reached 4.1112 trillion yuan ($577.45 billion), increased by 3.2 percent year-on-year, 1.1 percentage points faster than the previous month, according to data released by the National Bureau of Statistics (NBS) on Friday.

Sheng Laiyun, deputy head of the NBS, said during a press conference on Friday that series of policy supports launched in the first three quarters have taken significant effect, including releasing domestic demand potential and relevant industrial potential.

Sheng stated that domestic retail sales of automobile grew by 0.4 percent, reversing a negative trend after several consecutive months of decline, including a 7.3 percent drop in August. Retail sales of household appliances surged by 20.5 percent in September, a significant acceleration of 17.1 percentage points compared to August.

should be okay

USA consumer price index and consumer confidence index increased in October

china is consistent as well

so globally it should be okay

I think the focus is on PHB, AC. We have seen PHB absorbing the impairment losses from either PPE, ROU or intangible assets despite strong operational profit. PHB has done impairment to update the carrying value in its balance sheet compared to the recoverable amount based on their assessment. We have seen active closure of non performing stores/Indo and Vietnam sites following these impairment exercises :) Hopefully, FY24 will be the inflection point for PHB as both PRA and PRG have started reporting annual profit :) I am sure you are more familiar with the balance sheet details than me. Manage it well until then.

Did not notice any profit warning issued by PRG prior to Q3 results :) A profitable quarter despite a low season will be cool as the profitable journey of PRG continue into 2nd fiscal year. Results should be available by the end of the day.

PRG results is not cool. Approx. RMB11M loss driven by lower revenue. PHB Q2 was hit by MYR34M forex loss due to full settlement of HK denominated loan and there's RMB2.37bil loan as of Jun'24. Exchange rate of RMB to MYR in Q2'24 is avg at 0.65 while the lowest in Q3'24 is 0.59 and average at 0.62. There could be forex gain for PHB in Q3?

retail sales in China finally beating forecast in Oct after retail sales expanded 4.8 per cent on year in October, the National Bureau of Statistics (NBS) said, speeding up from the 3.2 per cent in September. The reading also significantly outperformed the 3.8 per cent forecast in a Bloomberg survey of analysts – representing the best reading since February. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,925.5 billion yuan, up by 4.7 percent year on year; and that in rural areas reached 614.1 billion yuan, up by 4.9 percent. Grouped by types of consumption, the retail sales of goods were 4,044.4 billion yuan, up by 5.0 percent; the income of catering was 495.2 billion yuan, up by 3.2 percent. Upgraded goods sold well. The retail sales of cosmetics and of sports and recreational articles by enterprises above the designated size went up by 40.1 percent and 26.7 percent respectively. Driven by the trade-in programmes of consumer goods, the retail sales of household appliances and audio-video equipment, cultural and office supplies, furniture and automobiles by enterprises above the designated size went up by 39.2 percent, 18.0 percent, 7.4 percent and 3.7 percent respectively, 18.7 percentage points, 8.0 percentage points, 7.0 percentage points and 3.3 percentage points higher than that of last month respectively.

Parkson's Q3 results is out :) Making money despite a low season and lower revenue achieved from China. Thanks to the strategies put in place by the BODs a year and half ago - becoming a commercial space operators and optimization which resulted in stable other operating income which includes consumer financing aka Parkson Credit. Upcoming two quarters Q4'24 and Q1'25 which is year-end festivities and holiday seasons will be interesting.

ermm. Should not do bonus issue or issue dividend now. 280M buffer is insufficient if you will :) Mgmt should just continue with their strategies/optimization particularly in China. Personally, I will prefer the share price to catch up with the improved balance sheet :) still looking forward to the first profitable fiscal year for PHB in FY24.

Q4要有盈利......很难，每年Q4的财报都是一堆有买有惊喜的Impairment。
每年怀着旺季生意会很好的期望去期待Q4财报，结果QR成绩一开都是惊吓的大负数。
管理层说都是一次性impairment不影响实际盈利能力，那么为什么其他公司Q4都不会出现一堆impairment？零售股这么多，只有你每年结账前有一堆impairment。
就算投资者再傻，给管理层玩了这么多次，都大概能猜到这是一种套路。
不管嘴上怎么忽悠，理由是什么，历史记录是无法删除的。
投资者要少听管理层怎么说，要多用历史记录来检视管理层。历史记录已经在提示你了。

I am hoping that FY24 is the start of profitable year for PHB. After all, PRA and PRG have returned to black. As for the non-cash impairments of CGUs from PRG, hopefully the inflection point is around the corner where the carrying amounts are pretty close to the recoverable amount based on the assumption that sales + old lease terms + real estate / properties depreciation are the culprits that led to carrying amount >> recoverable amount. We have seen actions of new lease terms / renegotiated lease terms, optimization and strategies that resulted in stable other operating income, gomen's action to stabilize the properties market and to boost consumer spending, and closure of non performing stores though not as aggressive as Malaysia.

PRG board meeting on the 20th Feb and PRG results will be released on the same day. PHB results to follow suit a week later. The biggest question mark - Will there be any yearly impairment losses for China assets that will wipe off the ctd net profit similar to Q4'23 or PHB has reached the inflection point where the assets carrying amount is now close to the recoverable amount after years of yearly impairment exercise. Well, the turnaround strategies started aggressively during Covid ~ 4 years of impairment hit following turnaround strategies. Management shake up / changes is needed if we were to continue seeing impairment losses - new CFO needed perhaps.

already told u guys not all impairments are equal and ignorable even thought they are not a cash item. Like i said in parkson case, it will keep on coming...

The management simply made hell lots of wrong investment decision and overpaid their mall assets...

You are welcome, Caleb :) The hesitation came from experience in Q4FY23. Its the year end impairment (exceptional item in p/l statement pg1) that wiped off a strong Q4 results (notes 12 pg. 9). Looking at the details in notes 23k pg 14, the big ticket item came from ppe impairment while last year big ticket ppe impairment came from intangible assets/goodwill. One store closure in China in Q4.

Unfortunately, mgmt is still taking a slower approach of closing non performing stores in China comparing to Malaysia, Adama. The movement in non-current assets (intangibles and ROU) and capex over the last few years - not buying/constructing new malls but leasing is probably the outcome of the lesson learned by the mgmt in China. Bad investments in the past, present days impairments and discounted by the market today :)

I went to buy some shirts kat parkson elite pavillion in this Jan. Quite many people at that time, but the shirt was seriously overvalued. I went on taobao to check the price of the shirt and found out that parkson was selling at least 50% higher.
In China, goods that are selling on taobao are cheaper than your physical store.

Some people prefer offline shopping, so the target audiences maybe different. But I think Parkson is actually moving on as it tries to use metrics to calculate the future cash generated from each property. It may takes longer time on closing the store in China. Maybe I m wrong but diff ppl diff persoective. Let us grow in stock :)

I went there as a tourist last year, and I brought just the essential stuffs and ordered everything else using taobao in China. If you're not satisfy with the goods, you may request for the refund without violating their terms or conditions.
To be honest, you should consider to invest in $baba rather than $parkson.

slower approach = long term pain instead of short term pain.

2 years ago i thought the ship was finally stopped sinking. Finally the captain managed to plug all the leaks after years of sinking but then i found that the leaks are still out there and captain lied about it. The ship is actually still sinking!

No ship should go down without her captain but we are just a passenger. There is no reasons for us to go down together if the captain makes a bad call and hit an iceberg.

bear is indeed prowling since end of last year; since Trump won the election :) most of the executive orders will probably be signed off by Apr when his lineups get into their positions and put in place all the policies and lateral & multilateral agreements. Darkest before dawn, followed by done and dusted :)