18 October 2012
HOLD
Price RM1.89
Fair Value RM2.00
We re-affirm our HOLD recommendation on Padini Holdings, with a lower fair value of RM2.00/share vs. RM2.57/share previously, based on a 10% discount to our DCF value, following a downward revision on earnings. Our fair value implies a PE of 12x on FY13F earnings.
