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Robinson Department Stores Pruksa Real Estate

Robinson Department Stores (ROBI.BK/ROBINS TB)*: Still growing
We expect ROBINS to deliver core earnings growth of 23% YoY for 2011, with largely flat earnings forecasted for 4Q11 despite the impact from flooding and expenses from two new stores being opened. The prospects for 2012 remain bright with five stores slated for opening and the lower corporate tax rate to offset the minimum wage hike. We maintain our Outperform rating on ROBINS with an unchanged DCF-based target price of Bt50.00.

Pruksa Real Estate (PS.BK/PS TB)*: Ready to recover
We came away from PS’s 2012 business plan meeting yesterday with a positive view, as there are clear signs of recovery and upside to our previous forecasts due to the quicker pace of units transferred in December. New presales in 4Q11, net of the cancellation values during the flood, were an acceptable Bt235mn. Given the better signs of recovery, we revised up our 2011 earnings forecast by 7% to Bt2.9bn and 2012 by 8% to Bt3.7bn. We maintain a rating of Outperform on the counter with a new target price of Bt16.60, from Bt14.00, which implies an upside of 18% from the current price.


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