DRB-Hicom Sees Drag From Widening Losses In Postal Segment
DRB-Hicom Sees Drag From Widening Losses In Postal Segment
In comparison to the previous quarter, DRB-HICOM's revenue for the second quarter of FY24 (2QFY24) fell by 13%. This decrease was largely driven by a 17% decline in automotive sales, exacerbated by the closure of its automotive plant during the extended festive holidays, along with a similar decline in postal services and a staggering 67% drop in the properties and other segments. The company's core net profit turned into a loss of RM15 million in 2QFY24, a sharp decline from a profit of RM85 million in the preceding quarter.DRB-HICOM Berhad (DRBHCOM) has reported disappointing financial results for the first half of the fiscal year 2024 (1HFY24), with core net profit plunging by 44% year-on-year, primarily due to wider sequential losses in its postal segment and an increased effective tax rate. Analysts have maintained a MARKET PERFORM call on the company, cutting the target price to RM1.30, a reduction of 7% from the previous RM1.40.
DRB-Hicom Berhad（DRBHCOM）公佈了2024財年上半年（1HFY24）令人失望的財務業績，核心淨利潤同比下降44％，這主要是由於其郵政部門的連續虧損擴大以及有效稅率的提高。分析師維持了對該公司的Market PerForm看漲期權，將目標價格下調至1.30令吉，較之前的1.40令吉下跌了7％。
The company's core net profit, excluding one-off items, totalled RM12 million, representing only 28% and 27% of both the full-year forecast and consensus estimates, respectively. The disappointing results were driven by significant losses in the postal segment, which struggled due to an unfavourable business environment. Overall revenue for 1HFY24 remained relatively flat compared to the previous year, negatively impacted by a 5% decline in automotive sales, with Proton, Mitsubishi, and Isuzu all reporting lower sales volumes. In addition, postal services experienced a 3% dip, attributed to a slowdown in online shopping and reduced demand from major e-commerce players, while revenue from property and other segments dropped by 25%.
該公司的核心淨利潤（不包括一次性項目）共計1200萬令吉，分別僅佔全年預測和共識估計的28％和27％。令人失望的業績是由郵政部門的重大虧損推動的，該部門因不利的商業環境而陷入困境。受汽車銷量下降5％的負面影響，1HFY24 的總收入與去年相比保持相對平穩，寶騰、三菱和五十鈴均報告銷量下降。此外，由於在線購物放緩以及主要電子商務參與者的需求減少，郵政服務下降了3％，而房地產和其他領域的收入下降了25％。
Despite these challenges, certain segments performed well. The banking sector saw a 28% increase in financing income from Bank Muamalat, while aviation services grew by 8% alongside an increase in flight numbers managed by Pos Aviation. The aerospace and defence sector also reported a 26% rise, thanks to higher product deliveries.
儘管存在這些挑戰，但某些細分市場表現良好。銀行業從穆阿馬拉特銀行獲得的融資收入增長了28％，而航空服務增長了8％，同時Pos Aviation管理的航班數量也有所增加。航空航天和國防部門也報告了26％的增長，這要歸因於產品交付量的增加。
In comparison to the previous quarter, DRB-HICOM's revenue for the second quarter of FY24 (2QFY24) fell by 13%. This decrease was largely driven by a 17% decline in automotive sales, exacerbated by the closure of its automotive plant during the extended festive holidays, along with a similar decline in postal services and a staggering 67% drop in the properties and other segments. The company's core net profit turned into a loss of RM15 million in 2QFY24, a sharp decline from a profit of RM85 million in the preceding quarter.
與上一季度相比，DRB-Hicom在24財年第二季度（2QFY24）的收入下降了13％。這一下降主要是由汽車銷量下降17％推動的，而其汽車工廠在節日假期延長期間關閉，以及郵政服務的類似下降以及房地產和其他細分市場的驚人下降67％，加劇了這種下降。該公司的核心淨利潤在 2QFY24 中轉爲虧損1500萬令吉，較上一季度的8500萬令吉利潤大幅下降。
Analysts at Kenanga have adjusted their profit forecasts for FY24 and FY25 downwards by 21% and 10%, respectively, reflecting the ongoing challenges faced in the postal segment. Despite these adjustments, the target price has been trimmed only slightly, reflecting a more forward-looking valuation approach.
Kenanga的分析師已將24財年和25財年的利潤預測分別下調了21％和10％，這反映了郵政領域面臨的持續挑戰。儘管進行了這些調整，但目標價格僅略有下調，這反映了更具前瞻性的估值方針。
譯文內容由第三人軟體翻譯。