Engtex Poised for More Water Pipe Orders, Target Price Up, Says Kenanga Research
Engtex Poised for More Water Pipe Orders, Target Price Up, Says Kenanga Research
Engtex Group Bhd was poised for more water pipe orders following the recent water tariff hike which would translate to strengthened cash flows for water operators, allowing them to kick start their capex programmes.
在最近的水費上調之後，Engtex Group Bhd有望獲得更多的水管訂單，這將意味着水務運營商的現金流得到加強，使他們能夠啓動資本支出計劃。
In a report today, Kenanga Research has raised the 52-week target price of the company to RM1.41, up from previous target of 77 sen. The counter was trading unchanged at RM1.05 at 10.10am today (Feb 13), its highest in the last five years.
在今天的一份報告中，Kenanga Research將該公司52周的目標價格從之前的77仙上調至1.41令吉。今天（2月13日）上午10點10分，該櫃台的交易價格維持在1.05令吉不變，爲過去五年來的最高水平。
In the report, Kenanga Research said it came away from a recent engagement with Engtex feeling upbeat on its prospects.
Kenanga Research在報告中表示，它在最近與Engtex的合作後對其前景感到樂觀。
As panel water pipe suppliers of Pengurusan Aset Air Bhd (PAAB), Ranhill SAJ and Pengurusan Air Selangor (PAS), it said Engtex was poised for more orders ahead.
作爲Pengurusan Aset Air Bhd（PAAB）、Ranhill SAJ和雪蘭莪Pengurusan Air（PAS）的面板水管供應商，該公司表示，Engtex準備在未來獲得更多訂單。
It said this followed the recent announcement by the National Water Services Commission (SPAN) of an average hike of RM0.25/m3 or about 42% hike in water tariffs effective Feb 1, 2024 for domestic users.
它表示，在此之前，國家水務委員會（SPAN）最近宣佈，自2024年2月1日起，家庭用戶的水費平均上調0.25令吉或約42％。
It said the hike translated to strengthened cash flows for these water operators, allowing them to kick start their capex programmes in water infrastructure including non-revenue water (NRW) reduction initiatives.
它說，此次上調意味着這些水務運營商的現金流得到加強，使他們能夠啓動水基礎設施方面的資本支出計劃，包括無收益水（NRW）削減計劃。
It noted that the government had targeted to reduce the national NRW from 36% in 2021 to 15% by 2049. It was estimated that 70%-75% of the current NRW was attributed to issues such as leaks, pipe bursts and damaged fittings.
它指出，政府的目標是將全國北威州人口從2021年的36％減少到2049年的15％。據估計，當前北威州70％-75％是由於泄漏、管道爆裂和配件損壞等問題造成的。
"Based on our estimate, a 1% drop in NRW would cost roughly RM800m. Engtex estimated that there are pipes spanning over 6,292km in urgent need for replacement in Selangor, translating to 350k MT of pipes with a cost of about RM1 billion," it said.
“根據我們的估計，北威州下降1％將花費大約8億令吉。Engtex估計，雪蘭莪州有超過6,292公里的管道急需更換，這意味着35萬噸管道，成本約爲10億令吉，” 它說。
It added that Engtex has revealed that as at November 2023, its order book stood at RM229 million (DI pipes: RM30 million, MS/pilling pipes: RM199 million), while its tender book was at RM720 million (DI pipes: RM63 million, MS/pilling pipes: RM657 million).
它補充說，Engtex透露，截至2023年11月，其訂單量爲 RM229 百萬令吉（DI管道：3000萬令吉，MS/Pilling管道：RM199 百萬令吉），而其招標書爲RM720 百萬個（DI管道：6300萬令吉，MS/Pilling管道：RM657 百萬令吉）。
The report said Engtex believed steel prices have bottomed out and should at least stabilise at current levels.
報告稱，Engtex認爲鋼鐵價格已經觸底，至少應穩定在目前的水平。
"We understand that there are plans to divest its non-core assets. The proceeds could significantly reduce its current net debt and gearing of RM495 million and 0.62x as at end-3QFY23, respectively, and hence lower its finance costs," it said.
“我們知道有計劃剝離其非核心資產。它說，截至23財年第三季度末，這些收益可能會顯著減少其目前的淨負債和負債總額分別爲 RM495 百萬和0.62倍，從而降低其財務成本。”
Engtex is a 'one-stop' distribution centre and integrated manufacturers in supplies for pipeline systems, infrastructure, and construction in Malaysia.
Engtex是馬來西亞管道系統、基礎設施和建築供應的 “一站式” 配送中心和綜合製造商。
The Sungai Buloh-based company offers a wide range of products including pipes, valves, fittings, hardware, iron and steel products, and building/construction materials.
這家總部位於雙溪寶洛的公司提供廣泛的產品，包括管道、閥門、配件、五金件、鋼鐵產品和建築/建築材料。
Its products are widely used by customers in plumbing, sewerage, and waterworks; mechanical and electrical engineering works such as fire-fighting system, HVAC/air- conditioning system; infrastructure projects; civil construction; electromechanical; disaster mitigation; industrial, commercial and general purpose.
其產品被客戶廣泛應用於管道、污水處理和自來水廠；機械和電氣工程工程，例如消防系統、暖通空調/空調系統；基礎設施項目；土木建築；機電；減災；工業、商業和一般用途。
譯文內容由第三人軟體翻譯。