Optimistic On MMHE After Unexpected Turnaround
Optimistic On MMHE After Unexpected Turnaround
Looking forward, MMHE expects that upstream investments will drive demand for offshore vessels and sea station platforms, benefiting both the Heavy Engineering and Marine segments. The company is also focusing on expanding its LNG carrier customer base, despite facing competition from new repair yards in neighbouring countries and China.Malaysia Marine & Heavy Engineering Holdings Berhad (MMHE) recorded a remarkable sixfold increase in earnings for the first half of FY24, driven by successful cost recovery and robust performance in its core segments. Revenue for 1HFY24 rose by 21.4% year-on-year to RM1.88 billion, with earnings surging to RM83.5 million, a significant turnaround from the RM385.1 million loss in 1HFY23.
馬來西亞海洋與重型工程控股有限公司（MMHE）在24財年上半年的收益顯著增長了六倍，這得益於其核心板塊的成功成本回收和強勁的業績。1HFY24 的收入同比增長21.4％，至18.8令吉，收益激增至8350萬令吉，與 1HFY23 的38510萬令吉虧損相比，這是一個重大轉機。
Analysts maintain a BUY rating on MMHE with an unchanged target price of RM0.65, highlighting the company's positive performance and optimistic outlook. The earnings exceeded expectations by 52% compared to yearly forecasts and by 94% against consensus estimates. The Heavy Engineering segment contributed significantly to these results, with revenue increasing by 20.3% year-on-year to RM1.68 billion, and profit before tax (PBT) rising nearly sevenfold to RM68 million. This growth was primarily due to ongoing projects advancing into the construction phase and the recognition of cost recovery claims.
分析師維持對MMHE的買入評級，目標價爲0.65令吉不變，這凸顯了該公司的積極表現和樂觀的前景。與年度預測相比，收益超出預期52％，超出市場普遍預期的94％。重型工程板塊對這些業績做出了重大貢獻，收入同比增長20.3％，達到16.8令吉，稅前利潤（PBT）增長了近七倍，達到6800萬令吉。這一增長主要是由於正在進行的項目進入施工階段以及費用回收索賠的確認。
The Marine segment also showed strong performance, with revenue increasing by 30.8% year-on-year to RM206 million and PBT growing by 41.7% to RM22.9 million. The segment benefited from higher dry-docking and repair activities, completing maintenance on 42 vessels, including four LNG carriers, year-to-date. MMHE anticipates continued growth in this segment, supported by stable oil prices and increasing demand for low-carbon solutions in the upstream oil and gas sector.
海運板塊也表現強勁，收入同比增長30.8％，達到20600萬令吉，PbT增長41.7％，達到2290萬令吉。該分部受益於幹船塢和維修活動的增加，今年迄今爲止完成了包括四艘液化天然氣運輸船在內的42艘船舶的維護。MMHE預計，在穩定的油價和上游石油和天然氣行業對低碳解決方案不斷增長的需求的支持下，該細分市場將繼續增長。
Looking forward, MMHE expects that upstream investments will drive demand for offshore vessels and sea station platforms, benefiting both the Heavy Engineering and Marine segments. The company is also focusing on expanding its LNG carrier customer base, despite facing competition from new repair yards in neighbouring countries and China.
展望未來，MMHE預計，上游投資將推動對海上船隻和海上站平台的需求，使重型工程和海洋領域都受益。儘管面臨來自鄰國和中國新維修廠的競爭，但該公司還專注於擴大其液化天然氣運輸船客戶群。
In response to the strong 1HFY24 performance, MMHE has revised its earnings forecast for FY24 upward by 186%, reflecting reduced impairments from Heavy Engineering projects nearing completion and the positive impact of new offshore wind projects. The company also expects increased upstream capital expenditure and a busy maintenance season for ships in the third quarter, which could further boost demand for its services.
爲了應對強勁的 1HFY24 表現，MMHE已將其24財年的收益預測上調了186％，這反映了即將完工的重型工程項目的減值減少以及新的海上風電項目的積極影響。該公司還預計，第三季度上游資本支出將增加，船舶維護季節將很繁忙，這可能會進一步提振對其服務的需求。
Sources: MIDF, RHB
Titles: Cost Recovery Pulled 1HFY24 Earnings to A 6-Fold Surge, Cost Recovery Claims Keep Buy
資料來源：MIDF、RHB
標題：成本回收使 1HFY24 收益增長了6倍，成本回收索賠繼續買入
譯文內容由第三人軟體翻譯。