ACE Market Bound SDCG Given 39.5% Upside On Listing Price
ACE Market Bound SDCG Given 39.5% Upside On Listing Price
As a certified ESCO, Solar District Cooling Group Berhad (SDCG), Malacca Securities said the company is well-positioned to benefit from this growth. The company offers financing facilities or capital expenditure (CapEx) for solar thermal and energy services systems, with CapEx repaid by clients through fixed cost charges.Solar District Cooling Group Berhad (SDCG), has filed for an IPO on the ACE Market with a listing price of RM0.38, but based on its business model and past earnings report, broking house Malacca Securities belivies a fair value of RM0.53 is deserved which is an upside of 39.5%.
太陽能區域冷卻集團（SDCG）已在ACE市場上市申請IPO，上市價格爲RM0.38，但根據其業務模式和過往收益報告，證券經紀公司馬六甲證券相信RM0.53的合理價值更值得，漲幅爲39.5%。
The house derived its valuation by pegging a forward P/E of 27x to the FY25f EPS of 1.95 sen. We believe the forward P/E of 27x is fair, given the average P/E of the closest peers stood at 27.2x.
該公司通過將FY25f每股收益1.95仙的預期市盈率定爲27倍來得出估值。我們認爲27倍的預期市盈率是合理的，考慮到最接近的同行的平均市盈率爲27.2倍。
It added the growth of BMS products which the company is involved in is closely tied to the expansion of Malaysia's construction sector, which represents over 3% of the country's GDP. In 2023, the construction industry's real GDP grew by 6.1% YoY. Looking ahead, the Ministry of Finance (MoF) forecasts a 6.8% growth in the sector for 2024, creating more opportunities for BMS players as demand for related services increases.
它補充說，公司涉足的bms系統產品的增長與馬來西亞施工業的擴張密切相關，該行業佔該國GDP的3%以上。2023年，施工行業的實際GDP同比增長6.1%。展望未來，財政部（MoF）預測該行業2024年將增長6.8%，爲bms系統參與者創造了更多機會，隨着相關服務需求的增加。
As a certified ESCO, Solar District Cooling Group Berhad (SDCG), Malacca Securities said the company is well-positioned to benefit from this growth. The company offers financing facilities or capital expenditure (CapEx) for solar thermal and energy services systems, with CapEx repaid by clients through fixed cost charges.
作爲認證的ESCO，太陽能區域冷卻集團（SDCG），馬六甲證券表示，該公司處於受益於這一增長的有利地位。該公司提供太陽能熱和能源服務系統的融資設施或資本支出（CapEx），CapEx由客戶通過固定成本費用償還。
Notably, SDC has sourced its thermal solar and energy-saving services primarily to hospitals, we anticipate that future growth will be concentrated in this sector, given that the group has served only 7 out of 160 public hospitals. Also, the group has recently tapped into maintenance for chiller segment, which the house believes could potentially boost revenue in tandem with the growth in data centres.
值得注意的是，SDC主要將其熱太陽能和節能服務提供給醫院，我們預計未來的增長將集中在這個行業，考慮到該集團僅爲160家公共醫院中的7家提供了服務。此外，該集團最近涉足冷卻機段的維護，該公司認爲這可能會與數據中心的增長同時提升營收。
As of the latest practicable date (LPD), SDCG has more than 10 ongoing projects in BMS and solar thermal systems, with contract values totalling RM47.1m. The unbilled order book stands at RM16.5m for FY24 and RM6.1m for FY25, providing earnings visibility in the near term.
截至最新可行日期（LPD），SDCG在bms系統和太陽能熱系統上有超過10個正在進行的項目，合同價值總計RM4710萬。未結賬訂單簿爲FY24的RM1650萬和FY25的RM610萬，爲近期提供了收益可見度。
The group has consistently improved its profit margins, with PAT margins increasing from 13.49% in FY20 to 23.83% in FY23, and currently standing at 20.24% as of FPE24. This reflects SDCG's strong pricing power and effective cost management. Looking ahead, we expect margins to remain stable in line with the group's positive outlook.
該集團不斷改善其利潤率，其FY20的PAt利潤率從13.49%增長到FY23的23.83%，並且目前爲FPE24的20.24%。這反映了SDCG強大的定價能力和有效的成本管理。展望未來，我們預計利潤率將保持穩定，符合該集團的積極前景。
Moving forward, Malacca projects SDCG's revenue to grow at 5.3-16.9%, reaching RM28.0m-RM35.5m for FY24-26f, while its core net profit is expected to increase by 8.4-19.2% to RM6.9m-RM8.9m, supported by the overall growth in capital
expenditure in pursuant of proceeds.
未來，馬六甲項目預計SDCG的營業收入將以5.3-16.9%的速度增長，達到2800萬至3550萬令吉（RM），而核心淨利潤預計將增長8.4-19.2%，達到690萬至890萬令吉（RM），這得益於資本支出的整體增長。
根據所得款項，支出將繼續進行。
譯文內容由第三人軟體翻譯。
