KUALA LUMPUR: ECM Libra Research has maintained its Buy call on PARKSON HOLDINGS BHD [ ] after the retail group completed the acquisition of PT Tozy Sentosa, owner of Indonesia’s Centro department stores, for a total consideration of US$12.8 million (RM38.7 million).

The research house said in a note Friday, June 10 that its earnings estimates for Parkson remain unchanged as it has factored in the exercise in its previous earnings revision.

“Reiterate BUY and target price RM6.40 premised on speedier store expansion moving forward and new Indonesian contribution.

“The addition of the Indonesian retail business will help speed up store expansion and the potential separate listing of Parkson Asia would be a rerating catalyst for the stock,” it said.