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Monday, January 4, 2010

Pelikan International

Buy
Target Price: RM3.13

A luxurious tie-up

• News
Pelikan announced on Dec 31, 2009 that the company had entered into a Manufacturing and Distribution License Agreement with Porsche for the use of “Porsche Design” trademark for writing instruments. The agreement gives Pelikan a 5-year right to manufacture and distribute
writing instruments under the “Porsche Design” brand globally commencing Jan 1, 2011. “Porsche Design” products are sold worldwide exclusively in Porsche Design stores, shop-in-shops, top-quality department stores, luxury retail outlets and by selected retailers.

Comments
While we are somewhat positive on the news, our cum-rights target price of RM3.13 and BUY call remain unchanged respectively, based on a PE multiple of 10x to FY10 EPS of 31.3 sen. There is a lack of detail in the announcement made other than the company stating that the addition of “Porsche Design” brand expands Pelikan’s fine writing instruments’ product range and provides an ideal fit to capture different market needs.



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