TK GROUP(2283.HK):1H24 BEAT ON STRONG MARGINS; POSITIVE OUTLOOK FOR WEARABLES/AR&VR IN 2H24/FY25E
TK GROUP(2283.HK):1H24 BEAT ON STRONG MARGINS; POSITIVE OUTLOOK FOR WEARABLES/AR&VR IN 2H24/FY25E
TK Group's 1H24 revenue/net profit growth of 18%/46% is slightly ahead of its earlier positive profit alert of 40%+ YoY earnings growth. The strong results were driven by CE/communications demand recovery, GPM expansion and prudent expense control. We spoke with the mgmt. post earnings, and mgmt. reiterated a positive view on FY24/25E outlook, backed by demand recovery from CE customers, new client/order wins and margin improvement. We adjust TP to HK$2.82 based on the same 8.2x FY24E P/E. Trading at 5.2x FY24E P/E with 8% yield, we think the stock offers attractive risk/reward. Maintain BUY.
Tk集團1H24的營業收入/淨利潤增長18%/46%，略高於之前40%+的年同比盈利增長的積極預警。強勁的業績是由CE/通信需求復甦、GPm擴張和審慎的費用控制推動的。我們在盈利後與管理層進行了交流，管理層重申了對FY24/25E展望的積極看法，支持來自CE客戶的需求復甦、新客戶/訂單的贏得和利潤改善。我們根據相同的8.2倍FY24E市盈率將目標價調整爲HK$2.82。以5.2倍FY24E市盈率交易，8%的收益率，我們認爲該股具有有吸引力的風險/回報。保持買入。
1H24 results beat on demand recovery and strong margins. TK posted 1H24 revenue/net profit growth of 18%/46% YoY, with the latter above its earlier profit preview of 40%+ YoY growth, backed by product launches and re-stocking demand of CE/ communications customers and improved GPM to 24.8% (vs 23.3% in 1H23) on higher utilization and production efficiency. In terms of revenue by segment, 1) mobile & wearables (Jabra, Sonos, Fibit, Tonly) increased 51% YoY, 2) communications (Poly) increased 44% YoY, 3) smart home (Amazon, Google) improved 8% YoY, 4) medical devices (Philips) dropped 8% YoY, 5) automobile segment dropped 11% YoY, and 6) other products grew 22% YoY (-7% YoY for e-cigarettes). Projects-on-hand by 1H24 amounted to HK$ 1.07bn (+24% YoY).
1H24業績在需求復甦和強勁利潤上表現出色。Tk發佈的1H24營業收入/淨利潤同比增長18%/46%，後者超過了此前40%+的年同比增長的盈利預覽，得益於產品發佈和CE/通信客戶的補貨需求和GPm提升至24.8%（1H23爲23.3%），利用率和生產效率提高。按部門收入來看，1）手機和可穿戴設備（Jabra、Sonos、Fibit、Tonly）同比增長51%，2）通信（Poly）同比增長44%，3）智能家居（亞馬遜、谷歌）同比提升8%，4）醫療設備（飛利浦）同比下降8%，5）汽車部門同比下降11%，6）其他產品同比增長22%（電子煙同比下降7%）。1H24的在手項目金額爲10.7億港元（同比增長24%）。
FY24/25E outlook: continued CE market recovery, new order wins and capacity ramp-up. Mgmt. guided a positive outlook on revenue/margin in 2H24E, backed by order wins in earphones (Sonos/Fibit/Jabra) and AR&VR (Meta smart glasses), inventory restocking (Poly) and market recovery in consumer electronics (360-cam). Overall, we estimate TK's revenue/net profit to deliver 25%/39% YoY growth in FY24E. TK also issued an interim dividend of HKD 0.04 per share (+42.9% YoY), implying dividend payout of 42%. Mgmt. also reiterated conservative Capex in FY24E and planned to maintain a high dividend payout ratio in FY24E (vs 82.8% dividend payout in 2023).
FY24/25E展望：持續CE市場復甦，新訂單贏得和產能提升。管理層指導2H24E的營收/利潤展望積極，得到了耳機（Sonos/Fibit/Jabra）和AR&VR（Meta智能眼鏡）訂單贏得的支持，庫存補充（Poly）和消費電子（360度相機）市場復甦。總體而言，我們估計TK的營業收入/淨利潤在FY24E將同比增長25%/39%。Tk還發放了每股0.04港幣的中期股息（同比增長42.9%），暗示了42%的股息派息率。管理層還重申了FY24E中保守的資本支出，並計劃在FY24E中保持較高的股息支付比率（2023年爲82.8%股息派息率）。
Attractive valuation at 5.2x/4.1x FY24/25E P/E and 8%/11% yield in FY24/25E; Maintain BUY. We adjust our TP to HK$2.82 based on the same 8.2x FY24E P/E, in-line with the stock's 5-year historical forward P/E. Trading at 5.2x/4.1x FY24/25E P/E, we think the stock is attractive considering 8%/11% yield and 39%/26% EPS growth in FY24/25E. Maintain BUY. Catalysts include product launches from Meta/Jabra/Fibit/Amazon, and continued margin improvement.
在FY24/25E的市盈率爲5.2x/4.1x，年度收益率爲8%/11%，維持買入。我們根據相同的8.2x FY24E市盈率調整目標價至HK$2.82，與該股票的5年曆史前瞻市盈率相符。以5.2x/4.1x FY24/25E市盈率交易，考慮到8%/11%的收益和FY24/25E的39%/26%每股收益增長，我們認爲該股票具有吸引力。繼續維持買入。催化劑包括來自Meta/Jabra/Fibit/亞馬遜的產品發佈以及持續的利潤率改善。
譯文內容由第三人軟體翻譯。