Three Companies Light Up Utilities Sector In Q2
Three Companies Light Up Utilities Sector In Q2
The Utilities sector delivered a remarkable performance in the second quarter of 2024, with three companies exceeding analysts' expectations and two meeting them. TENAGA stood out with record electricity sales, while GASMSIA benefited from improved retail margins. MALAKOF also surpassed forecasts due to strong power generation earnings.
公用事業行業在2024年第二季度表現出色，有三家公司超出了分析師的預期，兩家公司達到了預期。TENAGA以創紀錄的電力銷售脫穎而出，而GASMSIA則受益於零售利潤率的提高。由於強勁的發電收益，馬拉科夫也超出了預期。
Kenanga Stock Broking House have upgraded the sector to OVERWEIGHT, with TENAGA upgraded to OUTPERFORM and identified as the sector's top pick. YTLPOWR remains another OUTPERFORM pick, with analysts focusing on its AI data centre project.
Kenanga股票經紀公司已將該板塊上調至增持，TENAGA上調至跑贏大盤，並被確定爲該板塊的首選。YTLPOWR仍然是另一個跑贏大盤的選擇，分析師專注於其人工智能數據中心項目。
The second quarter of 2024 saw significant improvements in the sector, with TENAGA's core profit boosted by increased plant efficiency and higher electricity demand, particularly from commercial and domestic segments. GASMSIA outperformed again, driven by better margins despite flat sales volumes, while MALAKOF benefited from higher local power generation earnings. YTLPOWR, while seeing lower margins in PowerSeraya, recorded positive results from Wessex Water and its telco unit. PETGAS met expectations, continuing to enjoy better margins due to lower gas costs.
2024年第二季度，該行業出現了顯著改善，TENAGA的核心利潤得益於工廠效率的提高和電力需求的增加，尤其是商業和國內細分市場的需求。儘管銷售量持平，但利潤率有所提高，GASMSIA再次跑贏大盤，而馬拉科夫則受益於當地發電收益的增加。YTLPOWR雖然看到PowerSeraya的利潤率較低，但威塞克斯水務及其電信部門取得了積極的業績。PETGAS達到了預期，由於天然氣成本降低，利潤率繼續提高。
TENAGA is expected to lead the sector's growth, with demand forecasted to rise by 3.5% annually from 2024 to 2035, in line with its new guidance. This growth is driven by the expansion of data centres, which is expected to improve plant efficiency and boost earnings. Additionally, higher capital expenditure on transmission and distribution is anticipated, further supporting earnings growth. The volatility in coal prices has stabilised, reducing the likelihood of fuel margin shocks for both TENAGA and MALAKOF.
預計TENAGA將引領該行業的增長，根據其新指導，預計從2024年到2035年，需求每年將增長3.5％。這種增長是由數據中心的擴張推動的，預計這將提高工廠效率並增加收益。此外，預計輸電和配電方面的資本支出將增加，這將進一步支持收益增長。煤炭價格的波動已經穩定，降低了TENAGA和MALAKOF遭受燃料利潤衝擊的可能性。
YTLPOWR's AI data centre, set to be completed in the first quarter of 2025, remains a key focus, while its telco unit has turned around due to profits from the Sabah Point of Presence project. Wessex Water's turnaround, driven by higher tariffs, is expected to continue into 2025. PETGAS has seen a boost from the recent Imbalance Cost Pass-Through surcharge revision, while GASMSIA is poised for higher sales volumes, although margins may be affected as gas prices ease.
YTLPOWR的人工智能數據中心定於2025年第一季度完工，仍然是重點，而由於沙巴接入點項目的利潤，其電信部門已經扭轉了局面。在更高的費率的推動下，威塞克斯水務的轉機預計將持續到2025年。最近的失衡成本直通附加費修訂提振了PETGAS，而GASMSIA有望增加銷量，儘管隨着汽油價格的放緩，利潤率可能會受到影響。
The sector's upgrade to OVERWEIGHT reflects the strong performance of TENAGA, which is set to benefit from foreign direct investment in data centres. The sector remains appealing due to its earnings resilience, supported by regulated assets that provide steady cash flow and dividend yields of up to 6%.
該行業升至增持，反映了TENAGA的強勁表現，TENAGA將受益於對數據中心的外國直接投資。由於其盈利彈性，該行業仍然具有吸引力，受監管資產提供穩定的現金流和高達6％的股息收益率。
Source: Kenanga
Title: An Upbeat Quarter
資料來源：Kenanga
標題：樂觀的季度
譯文內容由第三人軟體翻譯。