Datasonic Could See Earnings Surge With 10-Year Passport Implementation
Datasonic Could See Earnings Surge With 10-Year Passport Implementation
Datasonic Group could anticipate a surge in revenue and profitability due to the implementation of an optional 10-year passport validity, according to a report by RHB Investment Bank.
根據RhB投資銀行的一份報告，由於實施了可選的10年護照有效期，Datasonic集團預計收入和盈利能力將激增。
RHB has maintained a BUY rating on the group with a target price of RM0.68, indicating a potential upside of 30% and a forecast yield of approximately 5% for the Fiscal Year 2025.
RhB維持該集團的買入評級，目標價爲0.68令吉，這表明2025財年的潛在上漲幅度爲30％，預計收益率約爲5％。
The Home Affairs Ministry's announcement of a 10-year passport validity option, expected to be offered at a higher price, is projected to increase the group's revenue and profitability in the next 4-5 years. RHB's scenario analysis suggests that if the longer validity passports are introduced in 2025, a majority of Malaysians might opt for this option, despite the higher cost, due to the lower cost per year and reduced renewal hassle. This shift could result in a higher Average Selling Price (ASP) for passport booklets with extra pages.
內政部宣佈了爲期10年的護照有效期，預計將以更高的價格提供，預計將在未來4-5年內增加該集團的收入和盈利能力。RHB的情景分析表明，如果在2025年推出有效期更長的護照，由於每年成本較低和續訂麻煩減少，儘管成本較高，但大多數馬來西亞人可能會選擇這種選擇。這種轉變可能會導致多頁護照小冊子的平均銷售價格（ASP）上漲。
The report detailed that while the immediate impact would be positive, with increased complexity and machinery wear and tear potentially raising costs, a significant reduction in passport renewal volume is expected from 2030-2034. The volume is predicted to normalise by 2035. RHB's analysis estimates that 80% of the annual 2-2.5 million passport volumes might opt for the 10-year validity, with potential Fiscal Year 2026 Forecast (FY26F) earnings changes ranging from -1.3% to +15.5%, and a target price range of RM0.46-RM0.66 based on 15-20x Price per Earnings (P/E).
該報告詳細指出，儘管直接影響將是積極的，複雜性的增加和機械磨損可能會增加成本，但預計從2030年到2034年護照續簽量將大幅減少。預計到2035年，該交易量將恢復正常。RHB的分析估計，每年200-250萬本護照數量中有80％可能選擇10年有效期，2026財年預測（FY26F）的潛在收益變化範圍爲-1.3％至+ 15.5％，根據每股收益價格（P/E）的15-20倍計算，目標價格區間爲0.46令吉至0.66令吉。
The change in government policy could disrupt DSON's earnings stability between 2030 and 2034 if it remains the vendor for Malaysia's passport solutions. However, the increased capital expenditure (capex) requirements and heightened risk premium due to volume uncertainty during the transition period might deter potential competitors. Consequently, RHB suggests that diversification of Datasonic's business exposure will be essential to cushion its profitability from 2030 onwards.
如果DSON仍然是馬來西亞護照解決方案的供應商，則政府政策的變化可能會破壞其在2030年至2034年之間的收益穩定。但是，過渡期內由於交易量不確定性而導致的資本支出（capex）要求的增加和風險溢價的上升可能會阻止潛在的競爭對手。因此，RhB表示，從2030年起，Datasonic業務風險的多樣化對於緩衝其盈利能力至關重要。
RHB's target price for DSON remains at RM0.68, based on an unchanged 20x Fiscal Year 2025 Forecast.
根據2025財年20倍預測不變，RHB對DSON的目標價格仍爲0.68令吉。
譯文內容由第三人軟體翻譯。