Analyst Maintains NEUTRAL On Transportation Sector Amid In-Line Sector Results
Analyst Maintains NEUTRAL On Transportation Sector Amid In-Line Sector Results
On the other hand, small-cap logistics players faced challenges, with FM Global Logistics Holdings Bhd's 1Q25 core net profit declining by 23% YoY to RM7 million, missing expectations. Similarly, Tasco's 1H25 core earnings were down 17% YoY to RM24.9 million, falling short of RHB Research's estimates. The weaker earnings were attributed to disappointing contributions from the freight forwarding segment.
RHB Investment Bank Bhd (RHB Research) has maintained a NEUTRAL stance on the transportation sector despite some mixed results in the third quarter of 2024 (3Q24). The research house highlighted Tasco Bhd as its top pick within the sector, noting its diversified client base and business segments that help maintain earnings stability.
RHb投資銀行有限公司（RHb研究）在交通板塊維持中立態度，儘管2024年第三季度（3Q24）有些結果喜憂參半。該研究機構強調Tasco有限公司是該板塊的首選，指出其多元化的客戶基礎和業務領域有助於維持盈利穩定。
RHB Research's sector review showed that results for Malaysia Airports Bhd (MAHB) came in line with both the house's and market expectations. For 9M24, MAHB's revenue grew 20% year-on-year (YoY) to RM4.3 billion, benefitting from an ongoing recovery in air traffic, particularly with a higher international passenger mix, which led to an increase in passenger service charges and retail spending. As a result, 9M24 core earnings surged by 72% YoY to RM592 million. However, RHB Research revised its Malaysia passenger traffic forecast down to 95.2 million for 2024, acknowledging that its previous estimate of 105.9 million was too optimistic.
RHb研究的行業回顧顯示，馬來西亞機場控股有限公司（MAHB）的業績符合該機構和市場預期。在2024年前三季度（9M24），MAHB的營業收入同比增長20%至RM43億，受益於航空交通的持續復甦，特別是國際乘客比例增加，從而導致乘客服務費和零售支出的上升。因此，9M24的核心盈利同比激增72%，達到RM59200萬。然而，RHb研究將2024年的馬來西亞乘客交通預測下調至9520萬，承認其之前的10590萬的估計過於樂觀。
Westports Holdings Bhd, a marine port player, posted stronger-than-expected results for 3Q24, with a core net profit of RM228 million, up 11.8% quarter-on-quarter and 16.5% YoY. Its 9M24 earnings amounted to RM636 million, 77% of full-year forecasts, surpassing expectations. This positive deviation was attributed to lower-than-expected operating expenses and higher-than-expected rental revenue. Following these results, the research house revised its earnings forecasts for FY24-FY26 upwards by 1%-3%, accounting for lower depreciation under the new concession agreement.
Westports Holdings Bhd，這家海港公司，在2024年第三季度（3Q24）公佈了好於預期的業績，核心凈利潤爲RM22800萬，環比增長11.8%，同比增長16.5%。其2024年前三季度（9M24）的盈利總額爲RM63600萬，佔全年預測的77%，超出預期。這一積極的偏差歸因於低於預期的營業費用和高於預期的租金收入。根據這些結果，該研究機構將2024至2026年的盈利預期上調1%-3%，考慮到在新的特許協議下的折舊減少。
On the other hand, small-cap logistics players faced challenges, with FM Global Logistics Holdings Bhd's 1Q25 core net profit declining by 23% YoY to RM7 million, missing expectations. Similarly, Tasco's 1H25 core earnings were down 17% YoY to RM24.9 million, falling short of RHB Research's estimates. The weaker earnings were attributed to disappointing contributions from the freight forwarding segment.
另一方面，小型物流企業面臨挑戰，Fm Global Logistics Holdings Bhd在2025年第一季度（1Q25）的核心凈利潤同比下降23%，降至RM700萬，未達預期。同樣，Tasco在2025年上半年的核心盈利同比下降17%，降至RM2490萬，未能滿足RHb研究的預估。盈利疲軟歸因於貨運轉運板塊的貢獻令人失望。
Looking ahead, the house is positive on global demand for 2025, forecasting above-consensus GDP growth of 2% for the US and 4.8% for China. However, RHB Research remains cautious about potential trade impacts from US protectionist policies. The house is optimistic that Malaysia's air passenger traffic will continue to grow in 2025, supported by visa-free travel for Chinese tourists, e-gate immigration, and airport expansions in key locations. In logistics, DHL anticipates elevated freight rates due to potential US port strikes, tariffs, and ongoing disruptions in the Red Sea.
展望未來，該機構對2025年的全球需求持樂觀態度，預測美國的GDP增長將高於市場預期，達到2%，中國則爲4.8%。然而，RHb研究對美國保護主義政策可能帶來的貿易影響保持謹慎。該機構對馬來西亞的航空乘客交通在2025年將繼續增長持樂觀態度，這得益於中國遊客的免籤旅行、電子入境通道和主要地點的機場擴建。在物流方面，DHL預計由於潛在的美國港口罷工、關稅和紅海地區的持續干擾，運費將維持在高水平。
譯文內容由第三人軟體翻譯。
