CGS Maintains A Reduce Rating On HPP
CGS Maintains A Reduce Rating On HPP
HPP Holdings Bhd (HPP) experienced a seasonal increase in revenue for the fourth quarter of FY5/24, with a 25% quarter-on-quarter (QoQ) rise driven by its consumer electrical and electronics (E&E) segment. Despite this, the company reported a core net profit of RM4.6 million for FY5/24, a 53.8% year-on-year (YoY) decline, impacted by higher fixed production costs and margin reductions from newly commissioned operations.
HPP Holdings Bhd（HPP）在5/24財年第四季度經歷了季節性增長，其消費電氣和電子（E＆E）板塊的推動下，同比（QoQ）增長了25％。儘管如此，該公司報告稱，2015/24財年的核心淨利潤爲460萬令吉，同比下降53.8％，這受固定生產成本上漲和新投入運營的利潤減少的影響。
CGS International Stock Broking House (CGS) maintains a REDUCE rating on HPP, with an unchanged target price of RM0.31. The bank highlights that, despite the recent uptick, HPP's valuation appears stretched at 28.3x FY25 Forecast Price-to-Earnings (P/E), significantly higher than the 3-year mean of 23x and peer average of 9x.
CGS國際股票經紀行（CGS）維持對HPP的降低評級，目標價保持不變，爲0.31令吉。該銀行強調，儘管最近有所上漲，但HPP的估值似乎捉襟見肘，爲25財年預測市盈率（P/E）的28.3倍，大大高於3年平均值的23倍和同行平均水平的9倍。
Looking ahead, CGS projects better performance for FY25/FY26, anticipating a recovery driven by demand in the consumer E&E and contraceptive industries. The firm expects revenue growth of 15.3% and 11.9% respectively, along with an improvement in gross margin to 20-21% from 18.6% in FY24, although it does not foresee a return to pre-pandemic revenue levels.
展望未來，CGS預計25財年/26財年的表現將有所改善，預計消費電子電氣和避孕藥具行業的需求將推動復甦。該公司預計，收入將分別增長15.3％和11.9％，毛利率將從24財年的18.6％提高到20-21％，儘管預計收入不會恢復到疫情前的水平。
譯文內容由第三人軟體翻譯。