KPS Returns To Black But Uneven Recovery
KPS Returns To Black But Uneven Recovery
Quarter-on-quarter, KPS displayed signs of improvement in 2QFY24. This recovery was largely driven by increased demand in the consumer electronics segment, along with higher sales of water meters and chemicals within its trading segment. Despite these gains, the company's average plant utilisation remains low at about 50%, which is well below the optimal level of 70%.Kumpulan Perangsang Selangor (KPS) has reported a return to profitability in its second quarter of FY24, yet challenges persist. Despite achieving a core net profit in 2QFY24, the company's overall performance remains subdued, largely reflecting ongoing weak demand in the consumer electronics sector and a potentially uneven recovery. The company's results were in line with projections, showing a core net loss of RM6 million for 1HFY24, consistent with the full-year forecast of RM11 million and the consensus estimate of RM15 million.
Kumpulan Perangsang Selangor（KPS）報告稱，其24財年第二季度恢復盈利，但挑戰仍然存在。儘管在 2QFY24 中實現了核心淨利潤，但該公司的整體表現仍然疲軟，這在很大程度上反映了消費電子行業持續疲軟的需求以及可能不均衡的復甦。該公司的業績與預期一致，顯示 1HFY24 的核心淨虧損爲600萬令吉，與全年預測的1100萬令吉和共識估計的1500萬令吉一致。
The firm has maintained its forecast and target price of RM0.45, with an UNDERPERFORM call. This stance reflects the expectation of a gradual recovery, with a more meaningful improvement anticipated in FY25. The recovery is expected to be driven by restocking and new product launches by KPS's customers, although current conditions suggest that a significant rebound is not imminent.
該公司維持了0.45令吉的預測和目標價格，看漲期權表現不佳。這一立場反映了對逐步復甦的預期，預計將在25財年實現更有意義的改善。儘管目前的情況表明，大幅反彈並非迫在眉睫，但預計復甦將受到KPS客戶的補貨和新產品的推動。
In terms of revenue, KPS experienced a 6% decline in 1HFY24 compared to the previous year. This drop was attributed to reduced contributions from both the manufacturing and licensing segments. Specifically, the manufacturing segment saw a 7% decline due to decreased orders in its medical and semiconductor product lines, amid high inventory levels. Additionally, the licensing segment faced a significant 64% decrease following the disposal of a 50% equity stake in Kaiserkorp.
在收入方面，KPS 的 1HFY24 與去年相比下降了6％。這一下降歸因於製造業和許可部門的捐款減少。具體而言，由於庫存水平居高不下，醫療和半導體產品線的訂單減少，製造業板塊下降了7％。此外，在出售Kaiserkorp的50％股權後，許可部門面臨64％的顯著下降。
Quarter-on-quarter, KPS displayed signs of improvement in 2QFY24. This recovery was largely driven by increased demand in the consumer electronics segment, along with higher sales of water meters and chemicals within its trading segment. Despite these gains, the company's average plant utilisation remains low at about 50%, which is well below the optimal level of 70%.
與季度相比，KPS 在 2QFY24 中表現出改善的跡象。這種復甦主要是由消費電子領域需求的增加以及其貿易領域水錶和化學品銷售的增加所推動的。儘管取得了這些進展，但該公司的平均工廠利用率仍然很低，約爲50％，遠低於70％的最佳水平。
Looking ahead, the outlook for KPS appears cautious. The sluggish global demand for consumer electronics products and elevated labour and energy costs are expected to continue impacting the company. Although there are prospects for an uptick in orders later in the year due to restocking and new product launches, the immediate term remains challenging. Additionally, the recent acquisition of precision metal component manufacturer MDS Advance Sdn Bhd (MDS) is anticipated to introduce high-margin product offerings, potentially benefiting the company's product portfolio.
展望未來，KPS的前景似乎謹慎。全球對消費電子產品的需求疲軟以及勞動力和能源成本的上漲預計將繼續影響該公司。儘管由於補貨和新產品的推出，今年晚些時候訂單有望增加，但短期內仍然具有挑戰性。此外，最近對精密金屬零件製造商MDS Advance Sdn Bhd（MDS）的收購預計將推出高利潤的產品，這可能會使該公司的產品組合受益。
Source: Kenanga
Title: Back to Black But Uneven Recovery
資料來源：Kenanga
標題：回歸黑暗但恢復不均衡
譯文內容由第三人軟體翻譯。