Fundamentals Does Not Reflect Swift Haulage's Current Share Price
Fundamentals Does Not Reflect Swift Haulage's Current Share Price
Hence, they are upgrading their call from NEUTRAL to BUY. Their target price remains unchanged at RM0.54. Swift Haulage Berhad (Swift) reported a core PATAMI of RM8.3m for 2QFY24, resulting in a total core PATAMI of RM15.9m for 1HFY24, which fell short of MIDF Research (MIDF) estimates at 39% due to lower-than-expected profit margins.
Swift Haulage Berhad（Swift）報告稱，2QFY24 的核心PATAMI爲83萬令吉，這使得 1HFY24 的核心PATAMI總額爲1590萬令吉，由於利潤率低於預期，低於MIDF Research（MIDF）預期的39％。
No adjustments were made to their earnings estimate as we await further guidance from management following the briefing.
由於我們正在等待管理層在簡報會後的進一步指導，因此沒有對他們的收益估計進行任何調整。
The stock is trading at 10.2x FY25F EPS, which is -0.5 SD below the sector's 5-year historical mean. Given the recent drop in the share price, they believe that it presents a trading opportunity for investors given the current price does not reflect its fundamentals.
該股的交易價格爲 FY25F 每股收益的10.2倍，比該行業的5年曆史平均水平低-0.5美元。鑑於最近股價的下跌，他們認爲，鑑於當前價格並不能反映其基本面，這爲投資者提供了交易機會。
Hence, they are upgrading their call from NEUTRAL to BUY. Their target price remains unchanged at RM0.54.
因此，他們正在將看漲期權從中性上調至買入。他們的目標價格保持不變，爲0.54令吉。
Potential upside catalysts for their projections include higher than-expected gateway container throughput and further improvements in margins from economies of scale.
他們預測的潛在上行催化劑包括高於預期的網關集裝箱吞吐量以及規模經濟帶來的利潤率進一步提高。
According to MIDF in a note today (Aug 12), a first interim single-tier dividend of 0.8 cents has been declared, reflecting a dividend payout of 44%.
根據MIDF在今天（8月12日）的一份報告中，已宣佈首次派發0.8美分的中期單級股息，股息支付率爲44％。
In 2QFY24, MIDF noted that revenue increased by +4.7%yoy, primarily driven by the expansion of warehouse facilities and growth in depot operations.
在 2QFY24 中，MIDF 指出，收入同比增長了 4.7%，這主要是受倉庫設施擴張和倉庫業務增長的推動。
Revenue in this segment grew by double digits, with an increase of +11.7%yoy. The boost in activity at these facilities also positively impacted the container haulage (+4.0%yoy) and land transportation (+4.9%yoy) businesses.
該細分市場的收入增長了兩位數，同比增長了11.7％。這些設施活動的增加也對集裝箱運輸（同比增長4.0％）和陸路運輸（同比增長4.9％）業務產生了積極影響。
Overall core PATAMI saw a growth of +9.7%yoy. Sequentially, revenue fell by -3.6%qoq, with declines across all segments except for warehousing and container depot operations (+2.8%qoq).
PATAMI的整體核心同比增長了9.7％。收入環比下降了-3.6％，除倉儲和集裝箱倉庫業務（環比增長2.8％）外，所有細分市場均有所下降。
This drop was likely due to the slower quarter caused by the festive period. However, core PATAMI rose by +8.9%qoq due to margin improvements resulting from economies of scale in the new warehouses.
這種下降可能是由於節日期間導致的季度放緩。但是，由於新倉庫的規模經濟導致利潤率提高，核心PATAMI環比上漲了8.9％。
With the anticipated trade recoveryMIDF said that they expected a gradual increase in container and freight forwarding volumes throughout FY24.
隨着預期的貿易復甦，MIDF表示，他們預計在整個24財年集裝箱和貨運代理量將逐漸增加。
The second half of the year is typically stronger for the container haulage business as it approaches the peak season.
隨着旺季的臨近，集裝箱運輸業務的下半年通常表現強勁。
Furthermore, given the port congestion issue, demand for warehouse storage could remain high. The Group anticipated adding a total of +387,000 sq ft of new capacity this year.
此外，鑑於港口擁堵問題，對倉庫存儲的需求可能仍然很高。該集團預計今年新增總容量爲+387,000平方英尺。
MIDF anticipated margin improvement as the overall warehouse utilisation rate is expected to rise to 80% this year, up from 74% in FY23.
MIDF預計利潤率將提高，因爲整體倉庫利用率預計將從23財年的74％上升至今年的80％。
While Maybank Investment Bank said Swift's 1H24 core net profit (CNP) of MYR15.7m met their expectation but fell short of consensus, representing 39%/36% of full-year estimates, respectively.
而馬來亞銀行投資銀行表示，斯威夫特的24年上半年核心淨利潤（CNP）爲1570萬令吉，符合他們的預期，但未達到共識，分別佔全年預期的39％/36％。
They maintained their earnings forecasts and TP of MYR0.51, based on 7.0x FY24E EV/EBITDA, in line with the 5Y peer average. They maintained their calling to HOLD.
根據7.0倍的 FY24E 電動汽車/息稅折舊攤銷前利潤，他們維持了收益預測和目標0.51馬幣，與5年同行平均水平一致。他們繼續呼籲 HOLD。
They expected a stronger 2H24, driven by seasonal factors and increased contributions from the recently acquired 118k sq ft Penang warehouse (acquisition completed in Aug 2024) and Tebrau warehouse, where utilisation is expected to rise to c.80% from the current c.50% with a new FMCG customer commencing operations in late 3Q24.
他們預計，受季節性因素的推動，以及最近收購的11.8萬平方英尺檳城倉庫（於2024年8月完成收購）和Tebrau倉庫的捐款增加，其利用率預計將從目前的約0.50％上升至約80％，新的快速消費品客戶將於24年第三季度末開始運營。
Lower EBIT and finance costs dragged 1H24 earnings 1H24 CNP (ex-MYR14m in one-off gain from the sale of Global Vision Logistics' shares) declined 3% YoY to MYR15.7m despite a 7% revenue increase.
儘管收入增長了7％，但息稅前利潤和財務成本的下降拖累了24年上半年的收益（不包括出售環球願景物流股票的一次性收益1400萬馬幣）同比下降3％，至1570萬令吉。
The weaker YoY CNP Maybank noted was mainly due to lower operating profit across all segments except W&CD, along with higher finance costs. Revenue growth was mainly driven by the LT (+9% YoY) and W&CD (+17% YoY) operations, boosted by new capacity.
CNP Maybank指出，同比疲軟的主要原因是除W＆CD之外的所有板塊的營業利潤均有所下降，以及財務成本上漲。收入增長主要是由Lt（同比增長9％）和W＆CD（同比增長17％）業務推動的，這得益於新產能。
QoQ, all segments declined except W&CD QoQ, 2Q24 CNP fell 7% due to a 4% decline in revenue.
環比，除W&CD外，所有細分市場均有所下降，24年第二季度CNP下降了7％，原因是收入下降了4％。
Maybank said the operating profits declined across all segments except W&CD, which saw a 4% QoQ increase in EBIT, likely driven by improved utilisation rates in 2Q24.
They remained cautious on the group's outlook. While they anticipated growth in its W&CD segment due to recent capacity expansion, uptake rates may be slow.
馬來亞銀行表示，除W&CD外，所有板塊的營業利潤均有所下降，W&CD的息稅前利潤同比增長了4％，這可能是由於24年第二季度利用率的提高所致。
他們對該集團的前景保持謹慎。儘管他們預計由於最近的產能擴張，其W&CD細分市場將增長，但吸收率可能很緩慢。
The group faces pressure from steep competition, posing downward risks to rates and volume handled. However, they believed its depressed share price largely reflects these headwinds.
該集團面臨激烈競爭的壓力，對處理的費率和交易量構成下行風險。但是，他們認爲其低迷的股價在很大程度上反映了這些不利因素。
譯文內容由第三人軟體翻譯。