Econpile Seen Benefitting From Revival Of Govt Infrastructure Spending
Econpile Seen Benefitting From Revival Of Govt Infrastructure Spending
Econpile Holdings Bhd has secured a significant contract worth RM71.2 million in Kuala Lumpur, involving demolition, substructure, and basement works for a 55-storey mixed-use development at Jalan Sultan Ismail. This latest win, which brings the company's year-to-date (YTD) total to RM98 million, marks its second contract for FY2025. The project, which includes office, hotel, and SOHO units, is expected to commence on 2nd September and will span a 28-month period, concluding in December 2026. CGS International Stock Broking House remain optimistic about Econpile's prospects, maintaining an ADD rating despite reducing the company's FY2025-FY2026 earnings per share (EPS) forecast and lowering the target price (TP) to RM0.56.
Econpile Holdings Bhd已在吉隆坡獲得了一份價值71.2萬令吉的重要合同，涉及位於Jalan Sultan Ismail的55層綜合用途開發項目的拆除、底層結構和地下室工程。這一最新勝利使該公司年初至今（YTD）的總額達到9800萬令吉，這是其第二份 FY2025 合同。該項目包括辦公、酒店和SOHO單元，預計將於9月2日啓動，爲期28個月，於2026年12月結束。CGS國際股票經紀公司對Econpile的前景仍然樂觀，儘管下調了該公司的 FY2025-FY2026 每股收益（EPS）預測並將目標價格（TP）下調至0.56令吉，但仍維持了ADD評級。
The company's tender book currently stands at RM1 billion, with 90% focused on property projects, which generally offer higher margins compared to infrastructure projects. Analysts anticipate Econpile's order book, which amounts to RM480 million as of September 2024, to benefit from these higher-margin property projects. The company expects to secure new orders worth RM400 million to RM450 million for FY2025, matching its FY2024 levels. Despite recent quarters in the red, Econpile's strategy to save capacity for better pricing and the completion of a legacy project at Pavilion Damansara Heights Phase 2 by December 2024 is expected to lead to a gradual earnings recovery, with the first quarter of FY2025 likely to be profitable.
該公司的招標書目前爲10令吉，其中90％集中在房地產項目上，與基礎設施項目相比，這些項目通常提供更高的利潤。分析師預計，截至2024年9月，Econpile的訂單總額爲48000萬令吉，將受益於這些利潤率更高的房地產項目。該公司預計將獲得價值4萬至45000萬令吉的 FY2025 新訂單，與其 FY2024 水平相當。儘管最近幾個季度處於虧損狀態，但Econpile節省產能以提高定價的戰略以及在2024年12月之前完成白沙羅高地展館第二階段的遺留項目預計將導致收益逐步復甦，FY2025 第一季度可能會實現盈利。
Econpile is also positioned to benefit from two long-term trends favouring piling contractors. The relaxation of the 100% en-bloc sales requirement for existing strata title holders is expected to spur construction activity within urban areas, particularly in prime locations like the KLCC vicinity. Additionally, recent geotechnical requirements by DBKL, following a sinkhole incident in Kuala Lumpur, could create more opportunities for piling companies with expertise in bored piles, such as Econpile.
Econpile也有望受益於兩個有利於打樁承包商的長期趨勢。放寬對現有分層所有權持有者的100％整體銷售要求預計將刺激城市地區的建築活動，特別是在吉隆坡城中城附近等黃金地段。此外，在吉隆坡發生污水坑事件後，DBKL最近的岩土工程要求可能會爲Econpile等具有鑽孔樁專業知識的打樁公司創造更多機會。
Despite cutting the FY2025/FY2026 EPS by 58% and 42% respectively, due to revised order win estimates and adjusted gross profit margins, the company is still viewed as a key beneficiary of the anticipated revival in government infrastructure spending. The revised TP of RM0.56 reflects a fair valuation based on a 0.6x PEG ratio and an FY2025 price-to-book value (P/BV) of 2.2x, which is above the mean since 2014, supported by a strong forecasted EPS compound annual growth rate (CAGR) of 98% for FY2025-2027.
儘管由於訂購預期的修訂和調整後的毛利率，2025/2026財年的每股收益分別下調了58％和42％，但該公司仍被視爲政府基礎設施支出預期復甦的主要受益者。修訂後的目標價爲0.56令吉，反映了基於0.6倍的PEG比率和2.2倍的 FY2025 賬面市值（P/BV）的公允估值，高於2014年以來的平均水平，這得益於 FY2025-2027 98％的強勁預測每股收益複合年增長率（CAGR）。
Source: CGS
Title: Sizeable win but gradual earnings recovery
資料來源：CGS
標題：大獲全勝，但收益逐漸恢復
譯文內容由第三人軟體翻譯。