YTL Power FY24 Earnings Bolstered By Water, Telco Divisions Delivering
YTL Power FY24 Earnings Bolstered By Water, Telco Divisions Delivering
The company declared a second interim dividend of 4.0 sen per share, totalling a full-year dividend of 7.0 sen, which exceeded projections. Moving forward, YTLPOWR's outlook remains positive, with ongoing developments in its data centre and digital banking ventures expected to drive long-term growth. Despite a reduction in the sum-of-parts-based target price to RM5.20, YTLPOWR's diversified global assets and favourable gas inventory continue to underpin its earnings stability.YTL Power International Berhad (YTLPOWR) reported a robust performance for FY24, with its core profit reaching RM3.36 billion, in line with expectations, marking a 69% year-over-year increase. The company's revenue also saw a 2% rise, driven by higher revenues across all segments except PowerSeraya, which faced a 6% decline due to lower pool prices. Wessex Water and the telco unit showed significant improvements, with Wessex Water's revenue increasing by 22% following a tariff hike, and the telco unit's revenue growing by 29% due to construction revenue from the Sabah Point of Presence (PoP) project.
YTL Power International Berhad (YTLPOWR) 報告了2024財年強勁的業績，核心利潤達到36.6億馬幣，符合預期，同比增長69%。該公司的營業收入也增長了2%，主要受到 Wessex Water 和電信業務的推動，而 PowerSeraya 由於水電價格降低導致收入下降6%。Wessex Water 和電信業務顯示了顯著的改善，Wessex Water 的營業收入增長了22%，電信業務的營業收入增長了29%，這主要歸因於沙巴 Point of Presence（PoP）項目的施工收入。
Analysts from various broking house have upgraded YTLPOWR to an OUTPERFORM, BUY and ADD rating, reflecting the emergence of value due to recent price weakness. The target price has been adjusted to RM5.20, with an expected continuation of strong earnings in FY25, particularly from the data centre business, which is set to contribute more meaningfully starting from the second half of FY25. The company's 4QFY24 results were buoyed by a 33% quarter-over-quarter increase in core profit to RM925.4 million, largely due to the turnaround of Wessex Water and the telco unit. However, PowerSeraya's earnings continued to decline, dropping by 7% despite higher revenue.
來自各家券商的分析師已將 YTLPOWR 的評級上調至「OUTPERFORM」，「買入」和「增加」，反映出由於最近的價格下跌而崛起的價值。目標價已調整至5.20馬幣，並預計FY25將繼續出色盈利，特別是來自數據中心業務，該業務預計將在FY25下半年開始對盈利做出更有意義的貢獻。在第四財季，該公司的核心利潤增加了33%，達到了92540萬馬幣，這主要歸因於 Wessex Water 和電信業務的扭虧爲盈。然而，儘管有較高的收入，但 PowerSeraya 的盈利仍然下降了7%。
Year-over-year, YTLPOWR's FY24 revenue growth was supported by Wessex Water's tariff hike and new contracts in the non-household retail market, alongside the telco segment's construction revenue. The company's core profit jump of 69% was largely attributed to a 50% surge in PowerSeraya's earnings, bolstered by long-term favourable gas costs. The turnaround in Wessex Water and the telco unit also contributed to the profit growth in 4QFY24.
與去年同期相比，YTLPOWR 在2024財年的營業收入增長得到了 Wessex Water 的加價和非住戶零售市場的新合同的支持，以及電信業務的施工收入。該公司的核心利潤增長了69%，主要歸功於 PowerSeraya 盈利增長了50%，這一增長受益於長期有利的燃料幣成本。Wessex Water 和電信業務的扭虧爲盈也爲2024財年第四季度的盈利增長作出了貢獻。
The company declared a second interim dividend of 4.0 sen per share, totalling a full-year dividend of 7.0 sen, which exceeded projections. Moving forward, YTLPOWR's outlook remains positive, with ongoing developments in its data centre and digital banking ventures expected to drive long-term growth. Despite a reduction in the sum-of-parts-based target price to RM5.20, YTLPOWR's diversified global assets and favourable gas inventory continue to underpin its earnings stability.
公司宣佈派發每股2.0仙的第二次決定性股息，總計全年股息爲7.0仙，超出了預期。展望未來，YTLPOWR 的前景保持積極，數據中心和數字銀行業務的不斷髮展預計將推動長期增長。儘管以標的資產價值計算的目標價降至5.20馬幣，YTLPOWR 的多元全球資產和有利的燃料幣庫存仍然支撐着其盈利穩定性。
Sources: Kenanga, CGS, Maybank, MIDF, RHB
Titles: Value Emerges; Upgrade to OP, A good ending to a record year, Commendable delivery, Surprise from Wessex and Telco Business, A Solid Landing; Keep BUY
來源：肯納加，中國銀河，馬來亞銀行，MIDF, RHB
標題：價值出現；升級爲OP，創紀錄的一年有個好結尾，值得稱讚的交付，來自Wessex和電信業務的驚喜，堅實的着陸；繼續買入
譯文內容由第三人軟體翻譯。
