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）报告称，其24财年第二季度恢复盈利，但挑战仍然存在。尽管在 2QFY24 中实现了核心净利润，但该公司的整体表现仍然疲软，这在很大程度上反映了消费电子行业持续疲软的需求以及可能不均衡的复苏。该公司的业绩与预期一致，显示 1HFY24 的核心净亏损为600万令吉，与全年预测的1100万令吉和共识估计的1500万令吉一致。
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.
该公司维持了0.45令吉的预测和目标价格，看涨期权表现不佳。这一立场反映了对逐步复苏的预期，预计将在25财年实现更有意义的改善。尽管目前的情况表明，大幅反弹并非迫在眉睫，但预计复苏将受到KPS客户的补货和新产品的推动。
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 与去年相比下降了6％。这一下降归因于制造业和许可部门的捐款减少。具体而言，由于库存水平居高不下，医疗和半导体产品线的订单减少，制造业板块下降了7％。此外，在出售Kaiserkorp的50％股权后，许可部门面临64％的显著下降。
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%.
与季度相比，KPS 在 2QFY24 中表现出改善的迹象。这种复苏主要是由消费电子领域需求的增加以及其贸易领域水表和化学品销售的增加所推动的。尽管取得了这些进展，但该公司的平均工厂利用率仍然很低，约为50％，远低于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.
展望未来，KPS的前景似乎谨慎。全球对消费电子产品的需求疲软以及劳动力和能源成本的上涨预计将继续影响该公司。尽管由于补货和新产品的推出，今年晚些时候订单有望增加，但短期内仍然具有挑战性。此外，最近对精密金属零件制造商MDS Advance Sdn Bhd（MDS）的收购预计将推出高利润的产品，这可能会使该公司的产品组合受益。
Source: Kenanga
Title: Back to Black But Uneven Recovery
资料来源：Kenanga
标题：回归黑暗但恢复不均衡
译文内容由第三方软件翻译。
