Steady Improvement For SAM Engineering Amid Challenges
Steady Improvement For SAM Engineering Amid Challenges
However, the global aerospace growth outlook remains promising, with both Airbus SE and Boeing Co planning to increase their monthly production rates in the coming years.SAM Engineering & Equipment Bhd is set to see sequential quarterly improvements despite recent challenges, as Maybank Investment Bank Bhd maintained a positive outlook for the company and put a BUY call on the company, with an updated target price of RM5.71, down from RM6.15, based on an unchanged 32.7 times price-to-earnings ratio, which is approximately one standard deviation above the five-year mean.
儘管最近面臨挑戰，SaM Engineering & Equipment Bhd仍將出現連續的季度改善，因爲馬來亞銀行投資銀行有限公司對該公司的前景保持樂觀，並對該公司進行了買入看漲期權，更新後的目標價爲5.71令吉，低於6.15令吉，維持32.7倍不變 市盈率，這比五年平均值高出大約一個標準差。
The company has lowered its earnings forecasts for the financial year 2025 (FY25) to FY27E due to anticipated declines in aerospace revenue and margins, primarily caused by raw material shortages and quality defects from a supplier. In response, FY25E earnings per share (EPS) has been cut by 19%, while EPS for FY26 and FY27 has been reduced by 7% and 6% respectively, reflecting a slower ramp-up of its RJ2 and BB1 plants due to delays in the semiconductor sector recovery.
該公司已將2025財年（FY25）的收益預期下調至 FY27E，原因是預計航空航天收入和利潤率將下降，這主要是由原材料短缺和供應商的質量缺陷造成的。作爲回應，FY25E 的每股收益（EPS）下降了19％，而26財年和27財年的每股收益分別下降了7％和6％，這反映了由於半導體行業復甦的延遲，其RJ2和BB1工廠的增長放緩。
The aerospace segment has significantly affected SAM Engineering's first quarter (1Q) financial performance, with a core net profit of RM9.9 million, representing a 68% quarter-on-quarter decline and a 43% year-on-year decrease. This downturn was attributed to halted deliveries due to design changes and ongoing material shortages. However, industry checks suggest that these issues are likely to be temporary, with expectations for normalisation in operations over the next one to two quarters.
航空航天板塊嚴重影響了Sam Engineering第一季度（第一季度）的財務業績，核心淨利潤爲990萬令吉，同比下降68％，同比下降43％。這種低迷歸因於設計變更和持續的材料短缺導致交付停頓。但是，行業調查表明，這些問題可能是暫時的，預計未來一到兩個季度的運營將恢復正常。
However, the global aerospace growth outlook remains promising, with both Airbus SE and Boeing Co planning to increase their monthly production rates in the coming years.
但是，全球航空航天增長前景仍然樂觀，空中客車股份公司和波音公司都計劃在未來幾年提高月產量。
According to the research house, the production rate for the Airbus A320neo is set to rise from the current rate of 52 units per month to 75 by 2027, while Boeing aims to ramp up production of its 737Max and 787 models to 50 and 10 units respectively by 2026. These targets indicate a recovery path, although production levels will still be below pre-pandemic figures due to ongoing supply chain disruptions, including shortages of engines, landing gears, and seating.
根據該研究機構的數據，空中客車A320neo的產量將從目前的每月52架提高到2027年的75架，而波音的目標是到2026年將其737Max和787機型的產量分別提高到50和10架。這些目標指明瞭復甦之路，儘管由於持續的供應鏈中斷，包括髮動機、起落架和座椅短缺，產量仍將低於疫情前的數字。
Despite the current challenges, SAM Engineering is viewed as a secular growth stock, particularly with significant clients in the aerospace sector, indicating a robust potential for future revenue growth. The company's long-term guidance suggests aspirations for a doubling in revenue over the next five years, underscoring confidence in its growth trajectory.
儘管當前面臨挑戰，但SaM Engineering仍被視爲長期增長型股票，尤其是航空航天領域的重要客戶，這表明未來收入增長潛力巨大。該公司的長期指導表明，人們希望在未來五年內將收入翻一番，這凸顯了人們對其增長軌跡的信心。
As the aerospace segment stabilises, earnings are expected to improve from 2Q25E, positioning SAM Engineering as a strong player within the industry.
隨着航空航天板塊的穩定，預計收益將比 2Q25E 有所改善，這使SaM Engineering成爲該行業的強大參與者。
譯文內容由第三人軟體翻譯。
