Guan Chong's Year-End Prospect Promising On High Cocoa ASP
Guan Chong's Year-End Prospect Promising On High Cocoa ASP
RHB Investment Bank Bhd (RHB Research) has maintained its BUY rating for Guan Chong and has revised upward the target price to RM6.22 from RM5.10, with a premium more than 100% based on Guan Chong's market valuation.
Guan Chong Bhd's outlook for end 2024 is expected to be robust on high cocoa butter average selling prices (ASP), coupled with expansion of production capacity following the company's acquisition of Transcao Côte d'Ivoire, according to RHB Investment Bank Bhd (RHB Research).
根據RHb投資銀行有限公司（RHb研究）的分析，觀衆控股有限公司在2024年底的前景預計將因可可脂平均售價高企，以及公司收購科特迪瓦Transcao公司的擴產而顯得強勁。
Asia's leading grinder reported record high nine-month1 core earnings of RM242 million that still missed expection slightly due to higher-than-expected interest costs, according to RHB Research. The record high year-to-date (YTD, up to September) revenue of RM7.1 billion reflected a 99.2% YoY growth. Interest expenses increased by 109% YoY to RM195 million against forecast of RM167 million. Nevertheless, a strong close to 2024 is expected.
亞洲領先的研磨機報告稱，其核心營業收入創下九個月的記錄高達RM24200萬，但由於利息成本高於預期，仍略微未達到預期。至2023年9月的年初至今（YTD）營業收入創下RM71億，同比增長99.2%。利息支出同比增加109%，達RM19500萬，預測爲RM16700萬。儘管如此，預計2024年將強勁收官。
Despite the increases in working capital, the healthy YoY earnings growth was buoyed by increases in sales volumes for cocoa solids and higher ASP. An interim dividend of 1 sen/share was declared, with ex-date set on Dec 11.
儘管有所增加， 營運資本健康的同比盈利增長得益於可可固體銷售量的增加和更高的平均銷售價格（ASP）。宣佈中期股息爲每股1仙，除息日定在12月11日。
RHB Investment Bank Bhd (RHB Research) has maintained its BUY rating for Guan Chong and has revised upward the target price to RM6.22 from RM5.10, with a premium more than 100% based on Guan Chong's market valuation.
RHb投資銀行有限公司（RHb研究）維持對官創的買入評級，並將目標價從RM5.10上調至RM6.22，基於官創的市場估值，溢價超過100%。
The downside risk factors include sharp raw material price fluctuations, weakening cocoa demand, a softening ringgit-to-US dollar exchange rate, and counter-party risk.
下行風險因素包括原材料價格劇烈波動、可可需求減弱、馬來西亞林吉特對美元的匯率回落以及交易對手風險。
As at 11:54am Nov 27, Guan Chong Bhd's shares traded at RM3.02, up 21 sen from its previous closing price of RM2.81. (Stock updates from Bursa Malaysia)
截至11月27日11:54，Guan Chong Bhd的股票交易價格爲RM3.02，比之前的收盤價RM2.81上漲21仙。（來自馬來西亞交易所的股市更新）
The 2024 third quarter core profit increased 146.1% YoY and 24.4% QoQ to RM83.4 million – on the back of stellar revenue growth of RM2.9 billion which expanded 132% YoY and 33.9% QoQ. This is despite the efficiency loss and higher input costs on lower production tonnage (-6k tonne QoQ) on delays in beans delivery amid port congestion issues. EBITDA2 yield (per tonne) expanded to RM2,298 from RM923 recorded in the third quarter of 2023, while yield per tonne for the second quarter of 2024 amounted to RM1,545.
2024年第三季度的核心利潤同比增長146.1%，環比增長24.4%，達到RM8340萬——這得益於營業收入的恒星增長RM29億，同比增長132%，環比增長33.9%。儘管由於港口擁堵問題導致的豆類交貨延遲造成生產噸位減少（環比減少-0.6萬噸），從而造成效率損失和較高的投入成本。這一季度的每噸EBITDA收益從2023年第三季度的RM923擴大至RM2,298，而2024年第二季度的每噸收益爲RM1,545。
- January to September for financial year ending 31 December 2024. ︎
- EBITDA: Earnings Before Interest, Tax, Depreciation/Amortization ︎
- 2024財年的1月至9月，截止日期爲12月31日。
- EBITDA：息稅折舊攤銷前收益
譯文內容由第三人軟體翻譯。
