Positive Outlook For MR DIY In Spite Of Disappointing 3Q24 Results
Positive Outlook For MR DIY In Spite Of Disappointing 3Q24 Results
Despite the disappointing quarterly results, both analysts believe the company is well-positioned for future growth. MR DIY's store count reached 1,383 by the end of 3Q24, and the company is on track to meet its target of 180 new stores for FY24. MR DIY plans to open 190 new stores in FY25, including outlets under its KKV brand and a new beauty and cosmetics brand, The Colorist. Despite MR DIY Group Bhd reported a disappointing third quarter of 2024 (3Q24) results, with net profit dropping 22% quarter-on-quarter to RM122 million due to weak consumer sentiment and higher-than-expected operating expenses, both Maybank Investment Bank Bhd (Maybank IB) and RHB Investment Bank Bhd (RHB Research) have maintained their BUY ratings on the stock.
儘管MR DIY集團公佈了令人失望的2024年第三季度（24年第三季度）業績，由於消費者信心疲軟和運營支出高於預期，淨利潤同比下降22％，至12200萬令吉，但馬來亞銀行投資銀行有限公司（Maybank IB）和印度興業銀行有限公司（RhB Research）都維持了對該股的買入評級。
However, Maybank IB has lowered its target price (TP) to RM2.35 from RM2.45, while RHB Research also has set a similar TP as Maybank IB, reflecting a 12% and 13% upside potential, respectively.
但是，馬來亞銀行已將其目標價格（TP）從2.45令吉下調至2.35令吉，而RhB Research也設定了與馬來亞銀行Ib相似的目標價，分別反映了12％和13％的上漲潛力。
For the first nine months of 2024, MR DIY's net profit reached RM422 million, a 5% increase from the same period last year, but it made up only 65% of FY24E estimates. Both analysts revised their earnings estimates downwards by 5%-9% for FY24E to FY26E due to the weaker-than-expected performance.
在2024年的前九個月，MR DIY的淨利潤達到42200萬令吉，比去年同期增長了5％，但僅佔FY24E 估計值的65％。由於表現低於預期，兩位分析師將 FY24E 至 FY26E 的收益預期下調了5％-9％。
Despite the disappointing quarterly results, both analysts believe the company is well-positioned for future growth. MR DIY's store count reached 1,383 by the end of 3Q24, and the company is on track to meet its target of 180 new stores for FY24. MR DIY plans to open 190 new stores in FY25, including outlets under its KKV brand and a new beauty and cosmetics brand, The Colorist.
儘管季度業績令人失望，但兩位分析師都認爲該公司爲未來的增長做好了充分的準備。截至24年第三季度末，MR DIY的門店數量達到1,383家，該公司有望實現其在24財年新開設180家門店的目標。MR DIY計劃在25財年開設190家新門店，包括其KKV品牌的門店和新的美容和化妝品品牌The Colorist。
Maybank IB expects earnings to improve in 4Q24, driven by festive season spending and the civil service wage increase set for December 2024. RHB Research remains optimistic about MR DIY's long-term prospects, driven by store expansion and growth in disposable income.
Maybank Ib預計，受節日支出和定於2024年12月增加的公務員工資的推動，24年第四季度的收益將有所改善。在門店擴張和可支配收入增長的推動下，RhB Research對MR DIY的長期前景仍然持樂觀態度。
The research houses are also optimistic about the company's ability to benefit from government initiatives aimed at increasing disposable income, such as the civil service salary hike and cash handouts for lower-income groups in 2025.
研究機構還對該公司有能力從旨在增加可支配收入的政府舉措中受益持樂觀態度，例如2025年公務員加薪和爲低收入群體發放現金補助。
While 3Q24 operating expenses were higher due to one-time charges from the new automated warehouse, both Maybank IB and RHB Research see significant upside potential for MR DIY as consumer sentiment improves. With an expected boost from the stronger Malaysian Ringgit and continued expansion, MR DIY remains a solid pick for long-term investors.
儘管由於新的自動化倉庫的一次性收費，24年第三季度的運營支出有所增加，但隨着消費者信心的改善，Maybank Ib和RhB Research都認爲DIY的巨大上行潛力。預計馬來西亞令吉走強和持續擴張將帶來提振，MR DIY仍然是長期投資者的不錯選擇。
譯文內容由第三人軟體翻譯。
