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KUALA LUMPUR (June 24): Parkson Holdings Bhd (KL:PARKSON), whose shares have climbed 24.4% since June 19, has a new substantial shareholder in Irelia Management Sdn Bhd.
According to Parkson’s bourse filings on Tuesday, Irelia Management acquired 78.3 million shares or a 6.815% stake in the department store operator via open market transactions between June 20 and 24.
No price tag was disclosed on the shares traded, however, based on respective closing prices on which the shares were traded, the block was valued at RM18.6 million.
Based on a filing with the Companies Commission Malaysia, Irelia Management is wholly owned by NTG Holding Ltd.
NTG Holding is the asset holding company of the NTG Strategy Fund SP offered by private equity and alternative asset management firm AEI Capital Group, according to NTG Holding’s website.
Parkson’s largest shareholder is its chairman and managing KUALA LUMPUR (June 24): Parkson Holdings Bhd (KL:PARKSON), whose shares have climbed 24.4% since June 19, has a new substantial shareholder in Irelia Management Sdn Bhd.
According to Parkson’s bourse filings on Tuesday, Irelia Management acquired 78.3 million shares or a 6.815% stake in the department store operator via open market transactions between June 20 and 24.
No price tag was disclosed on the shares traded, however, based on respective closing prices on which the shares were traded, the block was valued at RM18.6 million.
Based on a filing with the Companies Commission Malaysia, Irelia Management is wholly owned by NTG Holding Ltd.
NTG Holding is the asset holding company of the NTG Strategy Fund SP offered by private equity and alternative asset management firm AEI Capital Group, according to NTG Holding’s website.
Parkson’s largest shareholder is its chairman and managing director Tan Sri Cheng Heng Jem, with a 54.57% stake.
Shares in Parkson ended half a sen or 2% higher at 25.5 sen, valuing the company at RM286.87 million. Year-to-date the stock is up 18.6%.
Sri Cheng Heng Jem, with a 54.57% stake.
Shares in Parkson ended half a sen or 2% higher at 25.5 sen, valuing the company at RM286.87 million. Year-to-date the stock is up 18.6%.
In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, up by 3.4 percent year on year, or up by 0.17 percent month on month. Analyzed by different areas, the retail sales of consumer goods in urban areas reached 3,438.7 billion yuan, up by 3.2 percent year on year, and that in rural areas stood at 528.1 billion yuan, up by 4.6 percent. Grouped by consumption patterns, the retail sales of goods were 3,517.2 billion yuan, up by 3.6 percent; the income of catering was 449.6 billion yuan, up by 2.1 percent. Sales of basic living goods and certain upgraded goods enjoyed sound growth. The retail sales of daily necessities, of grain, oil and food and of sports and recreational articles by enterprises above the designated size went up by 7.7 percent, 5.8 percent and 16.9 percent respectively. The effect of trade-in of consumer goods policy continued to manifest, with the retail sales of furniture, household appliances and audio-visual equipment, cultural and office supplies, and communication equipment by enterprises above the designated size up by 18.6 percent, 14.3 percent, 14.2 percent and 7.3 percent respectively. In the first eight months, the total retail sales of consumer goods reached 32,390.6 billion yuan, up by 4.6 percent year on year.
MY: On the retail trade sub-sector’s performance, he said sales in non-specialised stores grew by 5.5% y-o-y to RM25.8 billion, mainly supported by higher sales in provision stores, mini markets, department stores, and supermarkets. https://theedgemalaysia.com/node/770235
Retail trade data looks good, Ricardo. Hopefully Irelia will be able to "pressure" BODs to take aggressive actions on non profitable stores to stop losses and preserve profits from profitable stores, reinvest the profits on profitable stores to keep up with the latest trends.
In September, the total retail sales of consumer goods reached 419,7.1 billion yuan, up by 3.0% year on year. Specifically, the retail sales of consumer goods excluding automobiles reached 3,726.0 billion yuan, up by 3.2%. From January to September, the total retail sales of consumer goods reached 36,587.7 billion yuan, up by 4.5%. Specifically, the retail sales of consumer goods excluding automobiles reached 32,995.4 billion yuan, up by 4.9%.
Thanks, Ng. Close to 3mil shares :) Seems like Irelia will grab the tickets whenever it's below 0.22. Maybe that's their avg price. Every 1 cent equals to 920k running profit/loss for them :p
3rd consecutive profitable qtr for PRG in FY2025 - Profit from operations for 3Q2025 was RMB117.6 million. Profit from operations for 9M2025 increased by RMB91.8 million to RMB375.2 million as compared to the corresponding period last year of RMB283.4 million, representing an increase of 32.4%. Profit attributable to owners of the Company in 9M2025 was RMB23.4 million as compared to loss attributable to owners of the Company of RMB29.3 million in the corresponding period last year. Profit/(Loss) attributable to owners of the Company - The group recorded profit attributable to owners of the Company of RMB0.9 million in 3Q2025 and RMB23.4 million in 9M2025.
9 mth operating profit jumped 1100%, same store sales 2.2% up, operating expenses 1.9% down through lower staff costs from closing underperforming stores,
reduced depreciation from lease term changes and store closures and decreased asset impairment provisions... strategic restructuring focused on cost management, profitable locations and rental income diversification continues to yield results
Irelia is one of the few subsidiaries of NTG and the key investor / owner behind NTG is AEI Capital. Only time will tell what makes Irelia/NTG decided to invest/continuously increasing its stake in PHB and what resources/expertise that NTG will contribute to PHB. What can be seen from PHB performance over the last few years is the mid tens ops margin and the past two qrs in 2025 showing ops margin at ~20%. One of the change reported by PRA last qtr is the investment on white labels. PRA's ops margin is pretty volatile over the last 3 years ~10% stdev while PRG's ops margin is pretty stable at ~5% stdev. PRG's revenue breakdown between concessionaire and direct sales during the same 3 years period is at 70:30 while PRA is at 80:20; direct sales has higher margins compared to concessionaire in general.
Agreed with the patience required. Hopefully Irelia will be able to unlock the value of PHB leveraging its substantial shareholder status; check and balance / influencing BODs business directions.
the report is out. lets see how market and Irelia react in the next few days :) I believed the performance has also included the penalty payable (rm7mil) from the lease termination announced back in Aug; expensed out.
The group explained that in its immediate preceding quarter, the profits were higher because it included a one-off income of RM37mil arising from a lease modification.
Meanwhile, on its outlook, Parkson said it believes the year-end festivities and holiday seasons will drive higher shopper traffic across its retailing stores and deliver an encouraging operating performance.
“The group remains focused on implementing strategies to enhance sales productivity and strengthen gross margins, while c
thanks for sharing, Ng. That is something beyond our controls :( What we can observe though (1) closure of non profitable stores in China is picking up momentum (2) renegotiating lease term as can be seen from the announcements (3) the discount rates used in 2024 is lower than 2023; lower discount rates higher VIU, higher VIU comparing to the carrying value means lower risk of impairment (4) action #1, #2 and #3 can lead to higher/better cash flow, and higher cash flow means lower risk of impairment.
first attempt by the attacking midfielder to push forward but strikers and wingers not in position. Had to keep the possession between central midfielders and attacking midfielder while defensive midfielder staying put. Lol, no pun intended.
Irelia just traded our insurance policy for a lottery ticket. Let's make sure that lottery ticket is a Q1 winner. Who needs defenses when you have sales targets?
alright, Ricardo. will be waiting for the outcome of Q1 season ending by end of May'26; in 5 months time. the pre-season in q4'25 demonstrated team Irelia's defensive response whenever it is below 0.225 :)
The board of directors (the “Board”) of Parkson Retail Group Limited (the “Company”, and together with its subsidiaries, joint venture and associated companies, the “Group”) hereby announces that a meeting of the Board of the Company will be held on Tuesday, 24 February 2026 for the purposes of, among other things, considering and approving the final results of the Group
for the financial year ended 31 December 2025 and its publication and transacting any other business.
profit warning for PRG - The board of directors of the Company (the “Board”) hereby inform the shareholders of the Company (the “Shareholders”) and potential investors that, based on the preliminary review and assessment of the unaudited consolidated management accounts of the Group for the year ended 31 December 2025 (the “Year”) and the information currently available to the Board, the Group will record a loss attributable to owners of the Company of approximately RMB185.9 million for the Year as compared to the loss attributable to owners of the Company of RMB174.8 million for the year ended 31 December 2024. The loss attributable to owners of the Company was mainly due to: (i) decline in gross sales proceeds driven by structural shifts in consumer spending behavior and heightened caution in consumer spending amid macroeconomic headwinds and muted income growth expectation; and (ii) increase in asset impairment provisions recorded for the Year.
Malaysia ops (PRA) has been profitable for several years now. China ops (PRG) continued to be hit with yearly impairments and becoming a norm / cycle. Avoid Q4 and trade the strong seasons is a safer bet.
PHB's report out should be today. It is unlikely for PHB report out a positive FY results given the rmb300+ mil impairment losses from PRG. Irelia will have to step in to protect their investments :)
Impairment is lower than last year, but this company is really impressive. It does RM2.5 billion to RM4.8 billion in revenue a year, yet it has never been able to make a profit in 11 years and it can’t even narrow its losses.
Sorry to say this, but I think Irelia is stuck now in this stock. Irelia holds 95 million shares, but the monthly trading volume of this stock is only around 5 million shares.
One of the reasons many funds don’t like buying into family businesses is that the family management usually has very strong control over the company. Even if the funds are unhappy with the direction or the management, there’s basically nothing much they can do about it.
The only way for Irelia to cut loss is to dump the shares to someone else at a discount.
Sorry if this sounds like I’m pouring cold water here.
But when investors discuss a company’s performance, we should be sharp and direct. We shouldn’t sweep real issues under the carpet just because we’re afraid that others might hear it and not dare to buy the stock.
Many investors don’t realize that our position as investors is actually opposite — sometimes even conflicting — with management’s position.
Because of my job, I’ve followed my boss to meet many listed company owners, had meals at their houses, and attended meetings at their private clubs. I can tell you honestly, in their eyes, retail investors are like fools. They can release news anytime and move the share price around to play with retail investors’ emotions.
They might be a bit cautious with funds, but if the funds don’t hold enough voting power, they’re not afraid of them either.
Whenever I hear investors say we should just trust the management and trust the boss, I honestly find it quite sad.
that's true, restia. trust the management and company is probably popularised by warren buffett value investing approach but unfortunately not easy to find. And news/event driven trades is so common nowadays.
hi huathuat, I will continue to hold this stock unless the ops margin says the opposite (<5%) and Irelia exiting. as for strategy, risk off mode in q4 and risk on mode in q1&q2 according to the seasonality.
3 safe months to trade at the back of festive season. A more aggressive approach is underway at PRG with closure of 5 non performing stores last year :) Q1 results will be announced in May.
True, jackie. PHB is in the situation of efficient operation (operating profit and margins) overshadowed by liabilities. There are two different school of thoughts with regards to lease liability after the mfrs 16 adoption. I am on the side of transparency which is a good thing. Treat lease liability as debt that has to be repaid instead of operating expense. These debt are the results of the past bad decisions - expansion and leasing terms. As such, we have seen aggressive actions on PRA closures of non performing stores that has led to profitable outcome. Been wondering why is it taking so long for PRG to take aggressive actions. FY25 was the first time I am seeing 5 non-performing stores closure. So, if we treat lease liabilities as debt repayment, it makes a lot of sense to close stores that are not generating enough profit to service the debt repayment :) The other thing that the mgmt has done if you managed to observe some of the lease renewal announcements last year - (1) leasing tenure reduced to below 20 years (2) commission based rental which is depending on the turnover.
lease versus own - different bucket from lease liability to ppe. No other choice except to close non performing stores and renegotiate the old lease terms.
Still wondering what is driving Irelia to increase its stakes to 8%+ and how much influence will they have in strategic decisions of Parkson. Did they push for more aggressive store closure last year?
I was comparing it with AEON and the turnover of PRA. Was hoping the same will be done on PRG but its taking way longer than I expected :( But my position was initiated at pretty low price at 0.135. Been managing it since then.
Thanks, Jackie. Aeon making money from property mgmt instead of retailing and their property mgmt has pretty high margins. Parkson made more money from retailing than property mgmt. Parkson has higher lease liabilities and finance cost related to lease interest compared to Aeon. I was optimistic when PRA started the aggressive closures of non performing stores and was optimistic that lease liabilities and finance cost will go down when PRG starts closing non performing stores.
That's right, Jackie. Hence, Parkson has to close non performing stores in PRG aggressively if they can't earn enough profit to cover the rent aka lease liabilities. Past financing decisions, present liabilities if you will.
and consumer financing is doing well if you look at the latest report; high margins if you will. The lease liabilities will be the one driving the yearly impairment exercise. Hence, we just need to be aware and mindful about it - risk off mode if you will.
it goes back to early 2023 when the price was ranging between 0.12 to 0.155, jackie. My avg back then was 0.135. The reasons were due to exit of Indonesia, Vietnam and some cost savings initiatives carried out in 2022 - restructuring and optimization activities if you will. And the ops margin for PHB was around 12%. My thought back then was - the margins will improve with all these activities and it did went up to as high as 19% over the next few quarters. The margins slowed down in 2024 driven by PRG and climbed up again in 2025 - driven by store rationalization.
One of the new variable that got into the equation last year was Irelia :) I cannot figure out what and why they have acquired so much in PHB. I hope they can apply pressure to the board for aggressive measures - maintain the efficiency while addressing the non performing stores in China.
Just FYI for PHB shareholders here in case you are not aware - Irelia became the substantial shareholder of PRG back in Dec'25 and crossed the 5% mark. And we have seen from the PHB report that PRG closed 5 non performing stores in 2025. It is my wishful thinking that Irelia is applying pressure to the board behind the scene :) Nevertheless, Irelia's aggressive stakes in Parkson is still an unsolved puzzle at this very moment.
Hong Kong, December 23, 2025 — NTG Holding Ltd (“NTG”) today announced that its wholly-owned subsidiary, Irelia Management Sdn Bhd, has acquired approximately 5.01% of the shares of Parkson Retail Group Ltd (Hong Kong Stock Exchange Main Board: 3368 ) through open market transactions, officially becoming one of the company’s major shareholders.
This investment also marks NTG Group's first investment in a Hong Kong-listed company with a core business in Greater China, further expanding its strategic footprint in the regional consumer and retail sector.
indeed, jackie. I am also hoping the board will consider to unlock the value of PHB by delisting PRA - 100% of its net income and cash flow to flow directly into PHB. It makes no sense to list PRA anymore since Indonesia and Vietnam ops are no longer in the picture and PRA's assets are Parkson stores/malls in Malaysia.