Magnum Sees Turn In Luck
Magnum Sees Turn In Luck
Revenue for 6M24 reached RM1.19 billion, a 10% increase YoY, slightly surpassing expectations by achieving 54% of the full-year estimate. Notably, 2Q24 revenue grew by 3% QoQ despite a reduction in the number of draws, driven by a long jackpot run in May and June 2024. This led to an improvement in gross NFO sales, draws, and outlets to 93% of 2Q19 levels, compared to the estimated stabilisation at 85%.Magnum Berhad has released its second quarter 2024 (2Q24) financial results, which largely aligned with or fell below market expectations. Despite these mixed outcomes, the company achieved a significant milestone in gross non-fixed offer (NFO) sales, draws, and outlets, reaching a post-COVID high, primarily due to a prolonged jackpot streak.
Magnum Berhad發佈了2024年第二季度（2Q24）的財務業績報告，與市場預期基本一致或稍遜。儘管結果有些參差不齊，但該公司在非固定獎勵銷售、獎金和零售店方面取得了重要里程碑，達到了疫情後的新高，這主要歸功於長時間的中獎連勝。
Analysts at Maybank have maintained their positive outlook on Magnum Berhad, reiterating a BUY rating and a discounted cash flow target price (DCF-TP) of RM1.34. This stance remains as they observe whether the impressive NFO performance can be sustained in future quarters. A key near-term factor for investors to watch is the potential disposal or listing of Magnum's 6% stake in U Mobile, which is estimated to contribute over RM0.15 per share to the DCF-TP.
Maybank的分析師維持對Magnum Berhad的積極展望，重申BUY評級和1.34馬幣的貼現現金流目標價（DCF-TP）。他們將觀察這種令人印象深刻的非固定獎勵表現能否在未來幾個季度持續。投資者關注的一個近期重要因素是Magnum在U Mobile的6%股權的潛在出售或上市，預計將爲DCF-TP每股貢獻超過0.15馬幣。
In 2Q24, Magnum's core net profit reached RM45.4 million, marking a 4% increase year-on-year (YoY) and a substantial 75% rise quarter-on-quarter (QoQ). This performance met approximately 25% of the full-year earnings estimate. However, the interim dividend per share (DPS) of 2.0 sen, while flat YoY, fell slightly short of expectations, contributing to 22% of the full-year forecast. Over the first half of 2024 (6M24), the core net profit climbed to RM71.4 million, a 20% increase YoY, and the year-to-date (YTD) DPS rose marginally by 0.5 sen YoY to 3.5 sen. Nonetheless, these figures still lag behind forecasts, achieving only 40% and 39% of the full-year estimates, respectively, primarily due to a high prize payout ratio in the first quarter of 2024.
在2Q24，Magnum的核心淨利潤達到4540萬馬幣，同比增長4%，季度環比大幅增長75%。該表現約佔全年盈利預測的25%。然而，每股股息（DPS）爲2.0仙，雖同比持平，但略低於預期，貢獻了全年預測的22%。在2024年上半年（6M24）中，核心淨利潤上升至7140萬馬幣，同比增長20%，截至目前的DPS同比增長了0.5仙，達到3.5仙。儘管如此，這些數字仍然落後於預期，僅實現了全年預測的40%和39%，主要原因是2024年第一季度的高獎金支付比率。
Revenue for 6M24 reached RM1.19 billion, a 10% increase YoY, slightly surpassing expectations by achieving 54% of the full-year estimate. Notably, 2Q24 revenue grew by 3% QoQ despite a reduction in the number of draws, driven by a long jackpot run in May and June 2024. This led to an improvement in gross NFO sales, draws, and outlets to 93% of 2Q19 levels, compared to the estimated stabilisation at 85%.
6M24的營業收入達到了11.9億馬幣，同比增長10%，略微超出了預期，實現了全年預測的54%。值得注意的是，儘管在開獎次數減少的情況下，2Q24的收入環比增長了3%，這是由於2024年5月和6月期間的長時間中獎連勝。這導致非固定獎勵銷售、獎金和零售店的改善，達到了2Q19水平的93%，而預計的穩定水平爲85%。
Looking ahead, Magnum Berhad remains cautiously optimistic, maintaining its earnings and dividends estimates. The company is poised to benefit from the potential reduction in prize payout ratios in future quarters, which could enhance profitability. Additionally, the anticipated disposal or listing of its U Mobile stake presents a significant upside potential, potentially adding over RM0.15 per share to the target price.
展望未來，Magnum Berhad保持謹慎樂觀，維持其盈利和股息預測。該公司有望從未來幾個季度獎金支付比率的潛在降低中獲益，從而提高盈利能力。此外，預計將對U Mobile的股權進行出售或上市的行動具有重要的上行潛力，可能爲目標價增加超過0.15馬幣每股。
Source: Maybank
Title: Nice turn of luck for a change
來源：Maybank
標題：時來運轉
譯文內容由第三人軟體翻譯。
