Kelington's Outlook Hinges On Earnings Shortfalls And Replenishing Its Order Book
Kelington's Outlook Hinges On Earnings Shortfalls And Replenishing Its Order Book
Although Kelington Group Bhd's robust double-digit earnings growth for the first nine months of 2023 has prompted RHB Investment Bank Bhd (RHB Research) to maintain a positive outlook on the stock and upheld the research house BUY recommendation with a target price of RM3.90, Kelington's outlook moving forward hinges on potential earnings shortfalls and challenges in replenishing its order book.
儘管凱靈頓集團有限公司在2023年前九個月實現了強勁的兩位數收益增長,這促使興業銀行投資銀行有限公司(rHb Research)維持了對該股的樂觀展望,並維持了研究機構的買入建議,目標價爲3.90令吉,但凱靈頓的前景取決於潛在的收益短缺和補充訂單方面的挑戰。
Nevertheless, RHB Research said the group's valuation remains attractive at 18 times its forecasted 2025 earnings per share and this assessment reflects Kelington's solid order book of over RM1.4 billion, bolstered by its growing industrial gas (IG) business, which is now its second-largest revenue source after the ultra-high purity (UHP) segment.
儘管如此,RhB Research表示,該集團的估值仍然具有吸引力,爲2025年預期每股收益的18倍,該評估反映了Kelington超過1400令吉的穩健訂單量,這得益於其不斷增長的工業氣體(IG)業務,該業務現已成爲其僅次於超高純度(UHP)板塊的第二大收入來源。
RHB Research noted that Kelington's third-quarter gross profit margin rose to a quarterly high of 22.8%, driven by the IG segment, whose contribution increased from 11% to 13% quarter-on-quarter. Kelington declared a third interim dividend of two sen, bringing the total for the first nine months to six sen, reflecting a dividend payout ratio of 42%.
RhB Research指出,在IG板塊的推動下,凱靈頓第三季度的毛利率升至22.8%的季度高點,該板塊的貢獻從11%增長到13%。凱靈頓宣佈第三次派發兩仙的中期股息,使前九個月的總股息達到六仙,股息支付率爲42%。
The research house said with Kelington's current order flow and strategic focus on high-growth sectors, the group is well-positioned to capitalise on its strengths in UHP and IG, ensuring sustainable growth in an increasingly competitive market.
該研究機構表示,鑑於凱靈頓目前的訂單流和對高增長領域的戰略重視,該集團完全有能力利用其在UHP和IG中的優勢,確保在競爭日益激烈的市場中實現可持續增長。
譯文內容由第三人軟體翻譯。