Malaysia Cement Can Anticipate New Projects Post ECRL
Malaysia Cement Can Anticipate New Projects Post ECRL
Looking ahead, MCement is poised to benefit from a strong construction pipeline and rising data centre demand. With a stable RM against the US dollar, the company is expected to see favourable conditions for its cost structure, especially since a significant portion of its cost of goods sold (COGS) is coal priced in USD. Although higher diesel prices may impact transportation costs, these could be mitigated by stable price rebates and higher ready-mixed concrete prices. Additionally, the company's recent acquisition of a stake in NSL Ltd is anticipated to enhance its cement market share in Singapore and further bolster its position in the regional market.Malayan Cement Berhad (MCement) closed FY6/24 on a robust note, with a notable 4QFY24 core net profit of RM134 million, marking a 68% year-on-year increase. The strong earnings helped push the full-year core net profit to RM446 million, more than doubling from the previous year and exceeding expectations. The company declared a second interim dividend of 6 sen, contributing to a total FY24 dividend of 10 sen, reflecting its strong free cash flow.
馬來亞水泥有限公司（mCement）在6/24財年收盤時表現強勁，4QFY24 核心淨利潤顯著爲13400萬令吉，同比增長68％。強勁的收益使全年核心淨利潤達到44600萬令吉，比上年增長了一倍多，超出了預期。該公司宣佈第二次派發6仙的中期股息，使24財年的總股息達到10仙，這反映了其強勁的自由現金流。
In light of these results, analysts have maintained a positive outlook. The recommendations aree to Add or BUY, with a revised target price of RM6.90, reflecting a 2% increase in FY26 EPS estimates. This adjustment is based on expected growth from new infrastructure projects and the revival of the property market, which is anticipated to offset the ending of the ECRL cement supply contract by the end of CY24. Analysts have highlighted that while the ECRL project concludes, upcoming projects like the Penang LRT and Johor ART, along with potential developments like the KL-SG HSR, are expected to drive future demand.
鑑於這些結果，分析師一直保持樂觀的前景。建議是增加或買入，修訂後的目標價爲6.90令吉，反映了26財年每股收益的預期增長了2％。這一調整是基於新基礎設施項目的預期增長和房地產市場的復甦，預計這將抵消ECRL水泥供應合同在24財年末的到期。分析師強調，在ECRL項目結束的同時，檳城輕軌和柔佛ArT等即將到來的項目以及KL-SG HSR等潛在開發項目預計將推動未來的需求。
The company's revenue for FY24 increased by 18% year-on-year to RM4.4 billion, although 4QFY24 revenue saw a 5% decline quarter-on-quarter to RM1 billion due to lower sales volume. Despite this, the average selling prices (ASPs) for both domestic cement and ready-mixed concrete remained stable. The decline in 4QFY24 revenue was attributed to lower sales volumes, though ASPs held firm.
該公司24財年的收入同比增長18％，至44令吉，儘管由於銷售量下降，4QFY24 收入同比下降5％，至10令吉。儘管如此，國產水泥和預拌混凝土的平均銷售價格（ASP）保持穩定。儘管ASP堅定不移，但4QFY24 收入的下降歸因於銷量下降。
Looking ahead, MCement is poised to benefit from a strong construction pipeline and rising data centre demand. With a stable RM against the US dollar, the company is expected to see favourable conditions for its cost structure, especially since a significant portion of its cost of goods sold (COGS) is coal priced in USD. Although higher diesel prices may impact transportation costs, these could be mitigated by stable price rebates and higher ready-mixed concrete prices. Additionally, the company's recent acquisition of a stake in NSL Ltd is anticipated to enhance its cement market share in Singapore and further bolster its position in the regional market.
展望未來，mCement有望受益於強勁的施工管道和不斷增長的數據中心需求。由於Rm兌美元匯率穩定，預計該公司的成本結構將處於有利的狀態，尤其是因爲其商品銷售成本（COGS）中有很大一部分是以美元定價的煤炭。儘管柴油價格上漲可能會影響運輸成本，但穩定的價格回扣和更高的預拌混凝土價格可能會緩解這些影響。此外，該公司最近收購了NSL Ltd的股份，預計將提高其在新加坡的水泥市場份額，並進一步鞏固其在區域市場的地位。
譯文內容由第三人軟體翻譯。