Ups And Downs In The Transport Sector
Ups And Downs In The Transport Sector
The transportation sector in Malaysia has seen a significant shift in recommendations, with the sector being downgraded to NEUTRAL from OVERWEIGHT. This change follows a mixed bag of earnings reports from the sector's key players. Malaysia Airports Holdings Berhad (MAHB) exceeded expectations for the first half of 2024, though it fell short of street estimates primarily due to lower-than-anticipated tax expenses. The airport operator's core profit surged 74% year-on-year, driven by increased international passenger traffic and higher passenger service charges. Despite this, the overall sector outlook has been downgraded to NEUTRAL, reflecting the performance of major players like MAHB and Westports.
馬來西亞交通行業的建議發生了重大變化,該行業的評級從增持下調至中性。這一變化是在該行業主要參與者的收益報告好壞參半之後發生的。馬來西亞機場控股有限公司(MAHB)在2024年上半年超出了預期,儘管其未能達到華爾街的預期,這主要是由於稅收支出低於預期。受國際客運量增加和客運服務費上漲的推動,機場運營商的核心利潤同比增長74%。儘管如此,整體行業前景已下調至中性,這反映了MahB和Westports等主要參與者的表現。
Westports Holdings Berhad, a marine port player, reported in-line results for the second quarter of 2024. Its core net profit rose by 4.6% year-on-year, bringing its half-year earnings to RM408 million, a 7.9% increase from the previous year. The company managed a total of 2.73 million TEUs in 2Q24, a 1% year-on-year increase, with container revenue growing 6.6% due to higher value-added services and increased storage units. This performance met expectations, showcasing stability in the marine port segment.
海港公司西港控股有限公司公佈了2024年第二季度的業績。其核心淨利潤同比增長4.6%,使其半年收益達到40800萬令吉,比上年增長7.9%。該公司在24年第二季度共管理了273萬標準箱,同比增長1%,由於增值服務的增加和存儲單元的增加,集裝箱收入增長了6.6%。這一表現符合預期,顯示了海運港口領域的穩定性。
In contrast, smaller logistics companies such as TASCO and FM Global underperformed despite elevated freight rates. TASCO's first-quarter core net profit of RM10.6 million was 25% lower year-on-year and only 15% of the full-year estimates, attributed to weaker segments in contract logistics and air freight forwarding, as well as adverse foreign exchange movements. FM Global also reported a decline in core earnings for the fourth quarter of 2024, down 6% year-on-year, ending the fiscal year with RM32.6 million, an 18% drop from the previous year.
相比之下,儘管運費上漲,但像TASCO和Fm Global這樣的小型物流公司表現不佳。TASCO第一季度核心淨利潤爲10.6萬令吉,同比下降25%,僅爲全年預期的15%,這歸因於合同物流和航空貨運代理領域的疲軟以及不利的外匯走勢。Fm Global還報告稱,2024年第四季度的核心收益下降,同比下降6%,本財年末爲3260萬令吉,比上年下降18%。
Looking ahead, Malaysia's air passenger movements have rebounded to 90% of pre-COVID-19 levels by the second quarter of 2024, with the expectation to reach full recovery. The privatisation of MAHB is anticipated to proceed pending final approval. Meanwhile, Westports is expected to see increased storage revenue due to underutilised yard capacity. The logistics sector faces ongoing challenges, with global logistics provider DHL predicting continued ocean freight capacity shortages until the Golden Week and heightened air cargo demand during the peak season. Despite these issues, TASCO remains a top pick due to its anticipated improvement in freight forwarding, volume recovery, and benefits from tax incentives.
展望未來,到2024年第二季度,馬來西亞的航空客運量已回升至COVID-19前水平的90%,預計將實現全面復甦。預計maHb的私有化將在最終批准之前進行。同時,由於貨場容量未得到充分利用,預計Westports的存儲收入將增加。物流行業面臨持續的挑戰,全球物流提供商敦豪預計,在黃金週之前,海運能力將持續短缺,旺季的航空貨運需求將增加。儘管存在這些問題,TASCO仍然是首選,因爲它在貨運代理、批量回收和稅收優惠方面有望得到改善。
Source: RHB
Title: Sector Earnings Beat Priced In; D/G To NEUTRAL
資料來源:RHB
標題:行業收益超過定價;D/G至中性
譯文內容由第三人軟體翻譯。