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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%.
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.
ooh, its out. rmb39.8mil net profit. Profit from operations for the three months ended 31 March 2026 was RMB157.5 million, an increase of RMB34.6 million or 28.2% as compared to RMB122.9 million for the corresponding period of last year. Profit attributable to owners of the Company for the three months ended 31 March 2026 was RMB39.8 million, as compared to RMB3.4 million recorded for the three months ended 31 March 2025.
I would prefer the mgmt to pick the low hanging fruits first. good that they are now being more aggressive in closing non performing stores in China and updating the retail format in China. I hope they will consider to delist PRA so that the cash flow can flow directly to PHB :)
its true that the balance sheet is consolidated but not 100% when it comes to net income and cash flow as PHB shareholdings on PRA is ~68%. There is the 32% minorities. When PRA is delisted (PHB to buyout the 32), then, 100% of the net income and cash flow flows directly to PHB. Makes a big difference to PHB. I can understand why PRA is there in the past as there are indon and vietnam ops. But these are no longer there and the stores parked under PRA are in Malaysia.
looking forward to the upcoming report - hoping for a "less is more" performance; a multi year high qtrly net profit if there are no surprises from impairments.
Driving efficiency is exactly what the mgmt should be doing, jackie. They have done it for PRA and its reporting profitable qtrs. PRG was slow and started to pick up pace last year; could be Irelia providing expertise to the mgmt. This quarter results blew the roof off from margins, cash flow, eps and etc. Solid if you will.
top30 holding close to 80%, good performance, the queue is thin - pointing to strong hands in control of the float and price will be determined by liquidity.