LBS Bina To Have Favourable Outlook Amid Weaker-Than-Expected 3Q24 Performance
LBS Bina To Have Favourable Outlook Amid Weaker-Than-Expected 3Q24 Performance
The group's new township development in Genting Highlands, the Rimbawan Township, launched in October 2024 with a gross development value (GDV) of RM9.5 billion, together with the first phase of Bayu Hills serviced apartments that boast a GDV of RM453 million and the ongoing developments such as KITA @ Cybersouth and Alam Perdana are expected to drive long-term growth for LBS.RHB Investment Bank Bhd (RHB Research) has upgraded LBS Bina Group Bhd to a BUY rating from NEUTRAL, setting a target price of 72 sen, implying a 32.9% upside and an approximately 9% yield for the financial year of 2024 (FY24). The upgrade comes despite LBS reporting a weaker-than-expected performance for its third quarter of 2024 (3Q24), as the house cited a favourable long-term outlook and the declaration of a special dividend as key factors behind the reassessment.
興業銀行投資銀行有限公司（RhB Research）已將LBS Bina Group Bhd的評級從中性上調至買入，將目標價格定爲72仙，這意味着2024財年（24財年）的上漲空間爲32.9％，收益率約爲9％。儘管LBS報告稱，其2024年第三季度（24年第三季度）的表現低於預期，但仍進行了升級，因爲衆議院將良好的長期前景和宣佈的特別股息列爲重新評估背後的關鍵因素。
LBS Bina's 3Q24 revenue was impacted by the completion or near completion of several development projects. This led to a sequential and year-on-year (YoY) decline in earnings, with core profit dropping 21% quarter-on-quarter and 33% YoY after excluding a one-off gain of RM137 million from the sale of Lamdeal Investments Ltd, which owns a 60% stake in Zhuhai International Circuit (ZIC). Additionally, rising finance costs due to liability settlements added further pressure on earnings.
LBS Bina的24年第三季度收入受到多個開發項目完成或接近完成的影響。這導致收益連續下降，同比下降，核心利潤同比下降21％，同比下降33％，其中不包括出售擁有珠海國際賽車場（ZIC）60％股份的Lamdeal Investments Ltd的13700萬令吉的一次性收益。此外，負債結算導致的財務成本上漲進一步增加了收益壓力。
Despite missing its RM1.8 billion sales target for FY24 due to delays in project launches caused by lengthy approval processes, the group managed to achieve property sales of RM1.2 billion as of November 2024, with RM217 million in bookings pending conversion. Unbilled sales stood at RM1.7 billion, providing a solid earnings buffer for the coming years.
儘管由於漫長的批准程序導致項目啓動延遲，未能實現24財年1800令吉的銷售目標，但截至2024年11月，該集團仍設法實現了12令吉的房地產銷售額，還有21700萬令吉的預訂有待轉換。未開票銷售額爲17令吉，爲未來幾年提供了穩健的收益緩衝。
The group's new township development in Genting Highlands, the Rimbawan Township, launched in October 2024 with a gross development value (GDV) of RM9.5 billion, together with the first phase of Bayu Hills serviced apartments that boast a GDV of RM453 million and the ongoing developments such as KITA @ Cybersouth and Alam Perdana are expected to drive long-term growth for LBS.
該集團在雲頂高原的林巴灣鎮的新城鎮開發項目於2024年10月啓動，總開發價值（GDV）爲95令吉，加上總開發價值爲45300萬令吉的巴育山服務式公寓第一階段以及KITA @ Cybersouth和Alam Perdana等正在進行的開發項目，預計將推動LBS的長期增長。
RHB Research noted that LBS has made commendable progress in cost management, evidenced by an improvement in EBIT margins for the first nine months of 2024 to 20.7% compared to 17.9% a year earlier. However, the challenging property market environment and delayed project launches prompted a downward revision of the FY24F-26F earnings forecasts by 10%, 4%, and 4%, respectively.
RhB Research指出，LBS在成本管理方面取得了值得稱道的進展，2024年前九個月的息稅前利潤率從去年同期的17.9％提高至20.7％就證明了這一點。但是，充滿挑戰的房地產市場環境和延遲的項目啓動促使 FY24F-26F 的收益預測分別下調了10％、4％和4％。
The revised target price of RM0.72 incorporates a 65% discount to the revised net asset value (RNAV) and includes a 2% premium for environmental, social, and governance (ESG) considerations. Key risks highlighted include a weaker-than-expected property market, delays in project rollouts, and rising competition within the industry.
修訂後的目標價格爲0.72令吉，包括修訂後的淨資產價值（RNAV）的65％折扣，幷包括出於環境、社會和治理（ESG）考量的2％溢價。強調的主要風險包括房地產市場低於預期、項目推出延遲以及行業內部競爭加劇。
譯文內容由第三人軟體翻譯。
