UEM's RM2.7 Billion Unbilled Sales Provides Cushion For Future Revenue
UEM's RM2.7 Billion Unbilled Sales Provides Cushion For Future Revenue
Despite these challenges, UEMS secured RM502.4 million in new property sales during 1H24. The company remains on track to achieve its full-year sales target of RM1.0 billion, although this target is lower compared to the previous year's RM2.1 billion, which included significant contributions from Collingwood in Melbourne. The firm is expected to benefit from upcoming launches and potential gains from land sales in East Ledang, Johor.UEM Sunrise Bhd (UEMS) reported a core net profit of RM16.9 million for 2Q24, a notable improvement of 143% quarter-on-quarter but a decline of 26% year-on-year. This brings the core net profit for the first half of 2024 to RM23.9 million, reflecting a 32% decrease from the previous year and falling short of expectations at 24% of Bloomberg consensus and 27% of internal forecasts.
ueM Sunrise Bhd（UEMS）報告稱，24年第二季度的核心淨利潤爲1690萬令吉，同比顯著增長了143％，但同比下降了26％。這使2024年上半年的核心淨利潤達到2390萬令吉，比上年下降了32％，低於預期，爲彭博共識的24％，佔內部預測的27％。
In light of these results, analysts from CGS, RHB and Maybank have issued various recommendations. An analyst maintains a BUY call with a target price of RM1.60, highlighting a 61% potential upside. The firm expects stronger earnings in the second half of the year due to an increase in new launches and potential non-core asset sales. On the other hand, an analyst reiterates a REDUCE rating with a target price of RM0.75, reflecting concerns over UEMS's performance despite its strategic landbank and ongoing sales. Additionally, a third analyst has downgraded the stock to HOLD with a target price of RM1.00, citing weak earnings and limited upside potential.
鑑於這些結果，來自CGS、RhB和Maybank的分析師發佈了各種建議。一位分析師維持買入看漲期權，目標價爲1.60令吉，這凸顯了61％的潛在上漲空間。該公司預計，由於新上市的增加和潛在的非核心資產銷售，下半年的收益將更強。另一方面，一位分析師重申了REDUCE評級，目標價爲0.75令吉，這反映了對UEMS儘管擁有戰略性土地儲備和持續銷售的業績的擔憂。此外，第三位分析師已將該股評級下調至持有，目標價爲1.00令吉，理由是收益疲軟，上行潛力有限。
The weaker-than-expected performance in 1H24 is attributed to a drop in revenue to RM430.2 million, down 29% year-on-year. This decline stems from lower contributions from the property development segment and a 28% fall in land sales compared to the previous year. The decrease in profit margins, as evidenced by a 2 percentage point drop in EBIT margin, further impacted the results.
24年上半年的表現低於預期，這歸因於收入下降至43020萬令吉，同比下降29％。這種下降是由於房地產開發板塊的貢獻減少以及土地銷售與去年相比下降了28％。利潤率的下降進一步影響了業績，息稅前利潤率下降了2個百分點。
Despite these challenges, UEMS secured RM502.4 million in new property sales during 1H24. The company remains on track to achieve its full-year sales target of RM1.0 billion, although this target is lower compared to the previous year's RM2.1 billion, which included significant contributions from Collingwood in Melbourne. The firm is expected to benefit from upcoming launches and potential gains from land sales in East Ledang, Johor.
儘管面臨這些挑戰，UEMS在24年上半年仍獲得了5.024萬令吉的新房地產銷售額。該公司仍有望實現其全年10令吉的銷售目標，儘管該目標低於去年的21令吉，其中包括墨爾本科林伍德的大量捐款。預計該公司將受益於即將推出的產品以及柔佛州東樂當土地出售的潛在收益。
Looking ahead, UEMS's unbilled sales remain robust at RM2.7 billion, providing a cushion for future revenue. The company is also set to ramp up new project launches in the latter half of the year, with planned projects worth approximately RM430 million already underway. This includes high-demand properties such as Aspira LakeHomes and new developments in the southern region.
展望未來，UEMS的未開票銷售額保持強勁勢頭，爲未來的收入提供了緩衝。該公司還將在下半年加大新項目的啓動力度，計劃中的項目價值約43000萬令吉已經在進行中。這包括需求旺盛的房產，例如Aspira LakeHomes和南部地區的新開發項目。
譯文內容由第三人軟體翻譯。