Weaker New Sales Plagues Glomac's Potential
Weaker New Sales Plagues Glomac's Potential
The company has plans to roll out RM450 million worth of new projects in 2HFY25, which is expected to improve sales performance in the latter half of the year. Meanwhile, unbilled sales dropped to RM388 million in 1QFY25, down from RM504 million in the previous quarter, providing more than a year of earnings visibility.Glomac Berhad reported its 1QFY25 earnings to be within expectations, with core net income of RM7.28 million making up 34% of the full-year forecast. The company's performance was mainly driven by the sale of completed properties, particularly the Suria Stonor project. Despite the earnings boost, MIDF Stock Broking House have maintained a NEUTRAL stance on Glomac with a revised target price of RM0.39, down from RM0.43, due to weaker new sales and limited upside potential.
Glomac Berhad報告稱其1QFY25的盈利符合預期，核心淨利潤爲RM7.28 million，佔全年預測的34%。該公司的業績主要受到已完成物業銷售的推動，特別是Suria Stonor項目。儘管盈利增加，但MIDF證券仍然保持對Glomac的中立態度，並將目標價從RM0.43降至RM0.39，原因是新業務銷售較弱且上漲潛力有限。
In the first quarter, Glomac recorded a return to profitability with a core net profit of RM7.28 million, compared to a net loss of RM1.8 million in the preceding quarter. This turnaround was largely supported by the sale of Suria Stonor, which also contributed to a 19.2% quarter-on-quarter increase in topline growth. Additionally, a 37% reduction in finance costs further bolstered earnings. On a yearly basis, core net income rose by 79%, again mainly attributed to the completed sale of Suria Stonor. Glomac's balance sheet remains healthy, with a low net gearing ratio of 0.06x, reflecting strong financial stability.
在第一季度，Glomac實現了盈利能力的恢復，核心淨利潤爲RM7.28 million，而上一季度則爲淨虧損RM1.8 million。這種轉變主要得益於Suria Stonor的銷售，也爲上線增長貢獻了19.2%的環比增長。此外，金融成本減少了37%，進一步提振了盈利能力。從年度來看，核心淨收入增長了79%，同樣歸功於Suria Stonor的銷售完成。Glomac的資產負債表保持健康，淨負債比例僅爲0.06倍，反映了強大的財務穩定性。
However, the company faced weaker new sales in 1QFY25, with total sales reaching only RM20 million, a significant drop from the RM218 million recorded in 4QFY24. Of the new sales, RM12 million came from Suria Stonor. The slowdown in sales was anticipated, as Glomac has scheduled its major launches for the second quarter of the financial year.
然而，該公司在1QFY25年面臨新業務銷售的疲軟，總銷售額僅達到2000萬令吉，較4QFY24年的21800萬令吉大幅下降。其中1200萬令吉來自Suria Stonor。銷售的放緩是預料中的，因爲Glomac已經安排了重大項目的推出時間在財年第二季度。
The company has plans to roll out RM450 million worth of new projects in 2HFY25, which is expected to improve sales performance in the latter half of the year. Meanwhile, unbilled sales dropped to RM388 million in 1QFY25, down from RM504 million in the previous quarter, providing more than a year of earnings visibility.
該公司計劃在2HFY25年推出價值4500萬令吉的新項目，這有望改善下半年的銷售業績。與此同時，未結銷售額在1QFY25年降至3880萬令吉，低於上一季度的5040萬令吉，爲超過一年的盈利可見性提供了支持。
Source: MIDF
Title: Earnings Driven by Sale of Completed Properties
來源：MIDF
標題：銷售完成物業推動收益
譯文內容由第三人軟體翻譯。