Soft Patch For United U-Li But Outlook Intact
Soft Patch For United U-Li But Outlook Intact
Looking ahead, ULICORP's outlook remains optimistic. The company is well-positioned to benefit from the anticipated construction boom, driven by both private sector projects (such as data centres, warehouses, and hospitals) and major public initiatives (including the East Coast Rail Link, Johor Bahru-Singapore Rapid Transit System, Bayan Lepas LRT, and MRT3). The consolidation within the local cable support system market during the pandemic has reduced competition, favouring ULICORP, which holds a dominant market position with over 50% share in the local market.United U-Li Corporation (ULICORP) reported disappointing results for the first half of FY24, with its core net profit falling by 4% year-on-year. The decrease was attributed to higher-cost projects despite strong plant utilisation in its cable support system segment. The company's core net profit for 1HFY24 totalled RM16.6 million, accounting for just 32% of the full-year forecast. Analysts noted that this shortfall was primarily due to weaker-than-expected demand for ULICORP's products.
聯合U-Li公司（ULICORP）公佈了24財年上半年的業績令人失望，其核心淨利潤同比下降4％。儘管電纜支撐系統領域的工廠利用率很高，但這一下降歸因於項目成本上漲。該公司 1HFY24 的核心淨利潤總額爲1660萬令吉，僅佔全年預測的32％。分析師指出，這種短缺主要是由於對ULICORP產品的需求低於預期。
In response to the current results, analysts at Kenanga have trimmed their earnings forecasts for ULICORP. The FY24F earnings estimate has been reduced by 21%, and the FY25F earnings forecast has been cut by 3%. Consequently, the target price has been adjusted downwards by 3% to RM2.30, from RM2.38. Despite this, the OUTPERFORM call remains intact, reflecting confidence in the company's long-term prospects.
針對目前的業績，Kenanga的分析師下調了對ULICORP的收益預期。FY24F 的收益預期下調了21％，FY25F 的收益預測下調了3％。因此，目標價格已從2.38令吉下調了3％，至2.30令吉。儘管如此，跑贏大盤的看漲期權仍然完好無損，這反映了人們對公司長期前景的信心。
The revenue for 1HFY24 saw a modest decline of 1% year-on-year, largely due to a 3% drop in the cable support system segment. Although the segment operated at 90% capacity, it was unable to fully compensate for the reduced margins from completed lower-margin projects. On a quarter-on-quarter basis, the core net profit fell by 4% in 2QFY24, mirroring the year-on-year decline due to similar factors.
1HFY24 的收入同比小幅下降了1％，這主要是由於電纜支撐系統領域下降了3％。儘管該細分市場的產能爲90％，但它無法完全彌補已完成的低利潤項目所帶來的利潤率下降。按季度計算，2QFY24 的核心淨利潤下降了4％，反映了由於類似因素導致的同比下降。
Looking ahead, ULICORP's outlook remains optimistic. The company is well-positioned to benefit from the anticipated construction boom, driven by both private sector projects (such as data centres, warehouses, and hospitals) and major public initiatives (including the East Coast Rail Link, Johor Bahru-Singapore Rapid Transit System, Bayan Lepas LRT, and MRT3). The consolidation within the local cable support system market during the pandemic has reduced competition, favouring ULICORP, which holds a dominant market position with over 50% share in the local market.
展望未來，ULICORP的前景仍然樂觀。在私營部門項目（如數據中心、倉庫和醫院）和重大公共舉措（包括東海岸鐵路線、柔佛新山-新加坡快速交通系統、Bayan Lepas Lrt和MRT3）的推動下，該公司完全有能力從預期的建築熱潮中受益。疫情期間本地電纜支撐系統市場的整合減少了競爭，有利於ULICORP，該公司在當地市場佔有超過50％的份額，佔據了主導市場地位。
Additionally, ULICORP's strong balance sheet, with a net cash position of RM99 million, positions it well for future growth. The company's new capacity expansions expected to come onstream from the end of FY24 are anticipated to drive further demand for its products.
此外，ULICORP強勁的資產負債表，淨現金狀況爲9900萬令吉，爲未來的增長做好了準備。該公司新的產能擴張預計將於24財年末上線，預計將推動對其產品的進一步需求。
譯文內容由第三人軟體翻譯。
