Analysts Downgrade CJ Century To Sell As Outlook Seem Bleak
Analysts Downgrade CJ Century To Sell As Outlook Seem Bleak
Looking forward, the decline in the freight forwarding segment is linked to reduced shipment volumes from South Korean-based customers, who account for 30% to 35% of the revenue. CJ Bio, a major customer, has faced increased competition from Chinese suppliers, further affecting demand for logistics services. The stock currently trades at 14.3x FY25F, aligning with its five-year historical mean. A key driver for future earnings improvement would be a faster recovery in shipment volumes.CJ Century Logistics Holdings Berhad (CJ Century) has been downgraded to a SELL with a revised target price of RM0.25, down from RM0.30. Analysts at MIDF have adjusted their earnings forecasts for FY24E, FY25F, and FY26F downward by 41%, 15%, and 14%, respectively, due to anticipated lower margins. The revised target price is based on a 12x FY25F valuation.
CJ世紀物流控股有限公司（CJ Century）的評級已下調至賣出，目標價從0.30令吉下調至0.25令吉。由於預計利潤率會降低，MIDF的分析師已將對 FY24E、FY25F 和 FY26F 的收益預測分別下調了41％、15％和14％。修訂後的目標價格基於 12 倍的 FY25F 估值。
The company's recent financial performance fell short of expectations, with a core PATAMI of RM1.0 million for 2QFY24, amounting to only 25% of the full-year estimate. Although revenue matched projections, the shortfall was attributed to reduced margins. Total logistics revenue decreased by 9.0% quarter-on-quarter and 17.7% year-on-year, primarily due to diminished business from freight forwarding customers, impacting other logistics services.
該公司最近的財務表現不及預期，2QFY24 的核心PATAMI爲100萬令吉，僅佔全年估計值的25％。儘管收入與預期相符，但短缺歸因於利潤率下降。物流總收入按季下降9.0％，同比下降17.7％，這主要是由於貨運代理客戶的業務減少，影響了其他物流服務。
CJ Century's high-margin oil logistics division, which operated floating storage units near Port of Tanjung Pelepas (PTP), ceased operations during the quarter, resulting in an operating loss of RM0.6 million. Additionally, the procurement logistics division underperformed due to decreased export activities in home and electrical appliances, leading to a 21.3% quarter-on-quarter and 4.8% year-on-year revenue decline. Core PATAMI fell significantly by 42.4% quarter-on-quarter and 70.5% year-on-year due to diseconomies of scale.
CJ Century的高利潤石油物流部門在丹絨佩勒帕斯港（PTP）附近運營浮動儲存裝置，該部門在本季度停止運營，造成6萬令吉的營業虧損。此外，由於家用電器出口活動減少，採購物流部門表現不佳，導致收入同比下降21.3％，同比下降4.8％。由於規模不經濟，核心PATAMI同比大幅下降42.4％，同比下降70.5％。
Looking forward, the decline in the freight forwarding segment is linked to reduced shipment volumes from South Korean-based customers, who account for 30% to 35% of the revenue. CJ Bio, a major customer, has faced increased competition from Chinese suppliers, further affecting demand for logistics services. The stock currently trades at 14.3x FY25F, aligning with its five-year historical mean. A key driver for future earnings improvement would be a faster recovery in shipment volumes.
展望未來，貨運代理板塊的下滑與韓國客戶的出貨量減少有關，這些客戶佔收入的30％至35％。主要客戶CJ Bio面臨來自中國供應商的日益激烈的競爭，這進一步影響了對物流服務的需求。該股目前的交易價格爲 FY25F 的14.3倍，與其五年曆史平均值一致。未來收益增長的關鍵驅動力將是出貨量的更快恢復。
譯文內容由第三人軟體翻譯。
