RHB Revises Ratings For Inari
RHB Revises Ratings For Inari
Inari Amertron had its rating adjusted from Buy to Neutral and saw its target price of RM3.60 maintained, reflecting a potential downside of 7.3%, as cited by RHB Investment Bank (RHB), in its recent company Update. The analysis highlighted subdued near-term earnings growth due to margin pressures, despite anticipated boosts from new product lines and expansion plans set to drive FY25F performance.
印度皇家銀行投資銀行（RHB）在其最近的公司更新中指出，Inari Amertron的評級從買入調整爲中性，目標價維持在3.60令吉，這反映了7.3％的潛在下行空間。該分析強調，儘管預計將推動 FY25F 業績的新產品線和擴張計劃將帶來提振，但由於利潤壓力，短期收益增長疲軟。
RHB's decision to downgrade INRI to Neutral (from the previous BUY rating) stems from its peak valuation, currently trading at a forward Price-to-Earnings (P/E) of 34x, which is +2 standard deviations above its 5-year mean. The bank acknowledges INRI's growth prospects in the upcoming cycle but advises accumulation at lower price levels for an optimal investment strategy.
RHB之所以決定將INRI評級從之前的買入評級下調至中性，是因爲其估值峯值，目前的遠期市盈率（P/E）爲34倍，比其5年平均值高出2個標準差。該銀行承認INRI在下一個週期中的增長前景，但建議以較低的價格進行積累，以制定最佳的投資策略。
The bank's Fiscal Year 2025 (FY25) earnings forecast anticipates 25% growth, supported by new smartphone technologies and expansions. However, risks include potential underperformance in smartphone sales amidst competitive pressures and geopolitical tensions affecting production yields and costs.
該銀行的2025財年（FY25）收益預測預計將增長25％，這得益於新的智能手機技術和擴張。但是，風險包括在競爭壓力和影響產量和成本的地緣政治緊張局勢下，智能手機銷售可能表現不佳。
Despite recent market optimism driving a Year-to-Date (YTD) price rally of 28.9%, RHB underscores the risks associated with INRI's high valuation and advises cautious investment amidst uncertainties in global smartphone demand and operational challenges.
儘管最近的市場樂觀情緒推動年初至今（YTD）的價格上漲了28.9％，但RHB強調了與INRI高估值相關的風險，並建議在全球智能手機需求的不確定性和運營挑戰中進行謹慎的投資。
RHB maintains its target price at RM3.60, reflecting a 31x P/E (+1.5 standard deviations from its 5-year mean) including a 2% Environmental, Social, and Governance (ESG) premium due to INRI's above-average ESG score of 3.1. Investors are advised to monitor developments closely, particularly around sales performance and production efficiencies, to gauge future investment decisions.
由於INRI的ESG分數高於平均水平，RHB維持其目標價格爲3.60令吉，市盈率爲31倍（與5年平均值+1.5個標準差），其中包括2％的環境、社會和治理（ESG）溢價。建議投資者密切關注事態發展，尤其是銷售業績和生產效率方面的發展，以評估未來的投資決策。
譯文內容由第三人軟體翻譯。