Edison Investment Research - Pan Asia Footwear PCL (PAF) Update: EGM low-grade cycle persists, but end in sightâ€¦

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Edison Investment Research

Update: EGM low-grade cycle persists, but end in sightâ€¦

In its trading statement released last week, Pan African Resources (PAF) indicated that EPS for the year ended 30 June 2014 (scheduled for release on 16 September) will be 42-47% lower than in FY13, when it was 2.63p/share; ie they should be in the range 1.39-1.52p/share. When adjusted for exceptional items, headline earnings per share (HEPS) will be 30-35% lower than in FY13; ie they should be in the range 1.41-1.52p/share. Before PAFâ€™s trading statement, we were predicting FY14 EPS and HEPS of 1.72p/share, within a consensus range of 1.17-2.00p/share. Nevertheless, PAF stated that it â€œwill not propose a final dividend lower than that paid in 2013 in ZAR termsâ€, implying an FY14 distribution of at least 0.78p/share when adjusted for 22% rand weakness, year-on-year

01/09/2014 4 EN

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Pan Asia Footwear PCL

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TH0112A10Z08 Stock Exchange of Thailand Thailand

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: EGM low-grade cycle persists, but end in sightâ€¦

Pan Asia Footwear Plc: 1 director

Ford Equity International Rating and Forecast Report

Update: Firing on four cylinders

S&U - PBT ahead, encouraging volume trends

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