PA Resources' Growth At 20% CAGR On Bright Solar Energy Outlook
PA Resources' Growth At 20% CAGR On Bright Solar Energy Outlook
PA Resources' largest client, First Solar, anticipates US$4.6 billion in revenue for its financial year ended Dec 31, 2024, a projected increase of 39% supported by rising global demand for solar energy and improved average selling prices (ASPs). PA Resources Bhd is poised for a growth at 20.5% 3-year earnings CAGR1, supported by its plan to double manufacturing capacity and rising demand in the solar industry, in addition to the extension of multi-year contract from First Solar, a leading producer of photovoltaic (PV) modules from the US, according to RHB Investment Bank Bhd's Small Cap Asean Research (RHB Research).
根據印度興業銀行有限公司的東盟小型股研究（RhB Research）的數據，PA Resources Bhd有望實現3年收益20.5％的增長（CAGR1），這得益於其將製造能力翻一番的計劃和太陽能行業不斷增長的需求，以及美國領先的光伏（PV）組件生產商First Solar的多年期合同。
Armed with 26 years of experience in the aluminium industry, PA Resources has operations covering the upstream, midstream and downstream levels including smelting cast billets, extrusion of aluminium profile, and anodizing and fabrication.
PA Resources擁有26年的鋁行業經驗，業務涵蓋上游、中游和下游層面，包括熔鍊鑄坯、鋁型材擠壓以及陽極氧化和製造。
According to Wood Mackenzie, global solar photovoltaic (PV) installation capacity is projected to more than triple over the next decade owing to decarbonisation efforts from global governments and private corporations, driving up the demand for aluminium parts.
根據伍德·麥肯齊的說法，由於全球政府和私營企業的脫碳努力，未來十年全球太陽能光伏（PV）的裝機容量預計將增加三倍以上，這推動了對鋁零件的需求。
PA Resources' largest client, First Solar, anticipates US$4.6 billion in revenue for its financial year ended Dec 31, 2024, a projected increase of 39% supported by rising global demand for solar energy and improved average selling prices (ASPs).
PA Resources的最大客戶First Solar預計其截至2024年12月31日的財政年度收入爲46億美元，預計增長39％，這得益於全球對太陽能的需求增加和平均銷售價格（ASP）的上漲。
First Solar's plan to increase production capacity to 25 gigawatt2 (GW) by 2026, up from 16.6 GW in 2023, is expected to contribute to higher order volume for PA Resources.
First Solar計劃到2026年將產能從2023年的16.6吉瓦提高到25千兆瓦2（GW），預計這將有助於增加PA Resources的訂單量。
To put into perspective, one GW of power can be sourced from 1.9 million PV panels3, 294 utility-scale wind turbines4, 103 offshore wind turbines5 and 1.3 million horses6, according to the Washington DC-based Office of Energy Efficiency & Renewable Energy.
從角度來看，根據總部位於華盛頓特區的能源效率和可再生能源辦公室的數據，一吉瓦的電力可以來自190萬塊光伏電池板3、294台公用事業規模的風力渦輪機4、103臺海上風力渦輪機5和130萬匹馬6。
PA Resources secured its fourth contract extension with First Solar in Jan 2024 worth RM1.1 billion for 18 months (or RM183 million/quarter) for the supply of aluminium frame parts. The previous contract was worth RM550 million for 12 months (or RM138 million/quarter).
PA Resources於2024年1月與First Solar簽訂了第四次延期合同，價值11英鎊，爲期18個月（合18300萬令吉/季度），用於供應鋁框架零件。之前的合同價值爲55000萬令吉，爲期12個月（或每季度13800萬令吉）。
To accommodate the new contract, PARB expanded its production capacity from 2,800 tonnes per month to 3,200 tonnes per month in 2QFY2023/247, or late 2023.
爲了適應新合同，parB在2023/247財年第二季度或2023年底將其產能從每月2,800噸擴大到每月3,200噸。
Operating at full capacity, the recent contract extension should keep the company busy throughout FY2024/25 (till June 30, 2025) with good earning visibility.
近期的合同延期將使公司在整個2024/25財年（至2025年6月30日）滿負荷運營，並保持良好的盈利知名度。
Additionally, PA Resources has acquired an 18-acre parcel of land for the construction of a new plant that will double its capacity. The expansion will take place in three phases – with the aim to increase its capacity from 3,200 tonnes per month to 7,000 tonnes in FY2025/268(till June 30, 2026).
此外，PA Resources還收購了一塊佔地18英畝的土地，用於建造一座新工廠，該工廠的產能將翻一番。擴建將分三個階段進行——目標是將其產能從每月3,200噸提高到2025/268財年（截至2026年6月30日）的7,000噸。
This new plant will serve existing clients, while also enabling PA Resources to develop new products for new customers across various industries, thereby diversifying its revenue base.
這座新工廠將爲現有客戶提供服務，同時也使PA Resources能夠爲各行各業的新客戶開發新產品，從而實現其收入基礎的多元化。
As reported, PA Resources stands to benefit from the US tariff hike ranging from 7.5% to 25% on East Asian aluminium imports aimed at curbing global overcapacity and trade circumvention.
據報道，PA Resources將受益於美國對東亞鋁進口的7.5％至25％的關稅上調，旨在遏制全球產能過剩和貿易規避行爲。
Nevertheless, the local aluminium supplier faces downside risk arising from drastic fluctuation of foreign exchange rates particularly the US dollar to Malaysian ringgit forex, standing at RM4.373 per dollar as at 12:00pm Oct 29 sourced from Bank Negara Malaysia.
儘管如此，這家當地鋁供應商仍面臨下行風險，原因是外匯匯率的劇烈波動，尤其是美元兌馬來西亞令吉的外匯，截至10月29日中午12點，美元兌馬來西亞林吉特的外匯匯率爲每美元4.373令吉。
As at 12:35pm Oct 29, PA Resources' share stood at RM0.30, down half of a sen from last Friday's settlement price of RM0.305.
截至10月29日下午12點35分，PA Resources的股票爲0.30令吉，較上週五的結算價0.305令吉下跌了半仙。
RHB Research noted that PA Resources fair value is set at RM0.49, more than 60% above it's current price level of RM0.30, a 19 sen gap.
RhB Research指出，PA Resources的公允價值定爲0.49令吉，比目前0.30令吉的價格水平高出60％以上，差距爲19先令。
Analysts at RHB Research believe that the current valuation (8.1x FY2024/259 Forecast, ROE:16%) is at a compelling level to buy into the company's solid track record in delivering earnings growth and robust fundamentals.
RhB Research的分析師認爲，目前的估值（2024/259財年預測值爲8.1倍，投資回報率：16％）處於令人信服的水平，可以肯定該公司在實現收益增長和強勁基本面方面的良好記錄。
- CAGR: Compound Annual Growth Rate ︎
- There are one billion watts in one GW, one million watts in one megawatt (MW) and one thousand watts on one kilowatt (kW). ︎
- Based on a representative bifacial module of 530 watts. ︎
- Based on the average utility-scale land-based wind turbine size of 3.4 MW installed in the United States in 2023. ︎
- Based on the average offshore wind turbine size of 9.7 MW installed globally in 2023. ︎
- Based on horsepower to watts conversion: 746 watts = 1 horsepower. ︎
- 2QFY2023/24: Second quarter of financial year ended June 30, 2024 (October 2023, November 2023 and December 2023) ︎
- FY2025/26: Financial year from July 1, 2025 to June 30, 2026 ︎
- FY2024/25: Financial year from July 1, 2024 to June 30, 2025 ︎
- CAGR：複合年增長率 ︎
- 一千瓦（GW）中有十億瓦特，一兆瓦（MW）中有100萬瓦特，一千瓦（kW）有一千瓦特。
- 基於 530 瓦的代表性雙面模塊。︎
- 基於2023年美國安裝的3.4兆瓦的公用事業規模陸基風力渦輪機的平均規模。
- 基於2023年全球裝機9.7兆瓦的平均海上風力渦輪機規模。
- 根據馬力到瓦特的轉換：746 瓦特 = 1 馬力。
- 2023/24 財年第二季度：截至 2024 年 6 月 30 日的財政年度第二季度（2023 年 10 月、2023 年 11 月和 2023 年 12 月）︎
- 2025/26 財年：從 2025 年 7 月 1 日到 2026 年 6 月 30 日的財政年度 ︎
- 2024/25 財年：從 2024 年 7 月 1 日到 2025 年 6 月 30 日的財政年度 ︎
譯文內容由第三人軟體翻譯。