MRCB Continues To Chug Along
MRCB Continues To Chug Along
On the property development front, MRCB experienced a dip in revenue, down 29.8% year-on-year to RM71.3 million, attributed to delays in property sales and strata title issuances. However, the company anticipates recognising pending sales in late 3QFY24 or early 4QFY24, which could improve its performance in the latter part of the year.Malaysian Resources Corporation Berhad (MRCB) has demonstrated a remarkable turnaround in its financial performance, despite facing a significant revenue dip in the second quarter of FY24. The company's revenue fell by 37.9% year-on-year to RM372.2 million, yet its core earnings surged 4.7 times to RM51.2 million, surpassing expectations. This substantial growth in core earnings was driven primarily by the robust performance of the construction segment, notably from the LRT3 and Muara Sungai Pahang Phase 3 flood mitigation projects.
馬來西亞資源公司（MRCB）在財務表現上取得了顯著的轉機，儘管在財政年度第二季度收入大幅下滑。公司營業收入同比下降37.9%，至37220萬馬來西亞林吉特，但核心盈利增長了4.7倍，達到5120萬馬來西亞林吉特，超出預期。核心盈利的大幅增長主要得益於施工業務的強勁表現，特別是來自LRT3和Muara Sungai Pahang第三階段防洪項目。
In light of these developments, several analysts have adjusted their recommendations for MRCB. MIDF Stock Broking House has upgraded its rating for MRCB from NEUTRAL to BUY, maintaining a target price (TP) of RM0.67, reflecting an expected return of 21.8%. Similarly, Kenanga Stock Broking House has revised its outlook, raising its TP to RM0.62 from RM0.34, and upgrading the stock from MARKET PERFORM to OUTPERFORM. The firm anticipates MRCB's order book replenishment, supported by a tender book valued at RM34 billion, to bolster its future earnings. RHB Stock Broking House has also maintained a BUY recommendation, increasing its TP to RM0.86, underscoring a 56% potential upside.
鑑於上述情況，多家分析師對MRCb的推薦意見進行調整。MIDF證券經紀公司將MRCb的評級由中立升級爲買入，並將目標價（TP）維持在0.67馬來西亞林吉特，預計回報率爲21.8%。同樣，Kenanga證券經紀公司將其展望進行了修正，將目標價從0.34馬來西亞林吉特上調至0.62馬來西亞林吉特，並將該股票的評級由市場表現升級至優異表現。該公司預計MRCB的訂單獲得將爲其未來盈利提供支撐，該訂單獲得價值約爲340億馬來西亞林吉特。RHb證券經紀公司也保持買入推薦，並將目標價上調至0.86馬來西亞林吉特，強調潛在上漲56%。
MRCB's order book remains impressive, with an outstanding RM4.7 billion, excluding the long-term Bukit Jalil Sentral TOD project. The company has been active in securing new contracts, with a current tender book encompassing major projects like MRT3, the expansion of Penang International Airport, and several flood mitigation initiatives. Despite a slower pace in order book replenishment compared to its target of RM5 billion for FY24, MRCB is expected to make up the shortfall with ongoing negotiations for key projects, including additional LRT3 stations and significant redevelopment projects.
MRCB的訂單簿仍然令人印象深刻，除了長期的Bukit Jalil Sentral TOD項目之外，還有47億馬來西亞林吉特。公司一直積極參與新項目的中標，目前的招標簿涵蓋了重大項目，如MRT3、檳城國際機場擴建和多項防洪計劃。儘管與FY24的500億馬來西亞林吉特的目標相比，訂單簿補充的速度較慢，但MRCb預計將通過關鍵項目的持續談判彌補不足，包括LRT3的更多車站和重大重建項目。
On the property development front, MRCB experienced a dip in revenue, down 29.8% year-on-year to RM71.3 million, attributed to delays in property sales and strata title issuances. However, the company anticipates recognising pending sales in late 3QFY24 or early 4QFY24, which could improve its performance in the latter part of the year.
在房地產開發方面，MRCb的收入下降了29.8%，至7130萬馬來西亞林吉特，歸因於房地產銷售和分層產權證書發放的延遲。然而，該公司預計在第三財務季度末或第四財務季度初將確認待售物業銷售，這將改善其年底的業績。
譯文內容由第三人軟體翻譯。