Frontken Misses Results But Plenty Of Silver Lining
Frontken Misses Results But Plenty Of Silver Lining
Notwithstanding an expected strong finish to the year in 4Q24E, Maybank IB cuts the FY24E earnings by 8%, but maintain FY25E/26E earnings. With the worst likely behind FRCB, the house opines that resilient FE semicon growth momentum in SG will continue to drive FRCB's group earnings higher in FY25EFrontken's earnings delivery rebounded strongly in 3Q24 with marked sequential improvements across key markets. Despite lowering FY24E earnings by 8% (FY25E/26E maintained), Maybank IB said it raises its TP to MYR4.95 (+18%).
Frontken的收益交付在24年第三季度強勁反彈，主要市場連續明顯改善。儘管將 FY24E 的收益降低了8％（維持在25E/26E財年），但馬來亞銀行表示已將其目標股價提高至4.95馬幣（+18％）。
Results miss, but plenty of silver linings
Ex-one offs (-MYR0.7m), FRCB's registered 3Q24 core net profit (CNP) of MYR36.0m (+37% YoY, +11% QoQ). Cumulatively, 9M24 CNP of MYR95.1m (+21% YoY) fell short of estimates, coming in at just 63% of ours and consensus' FY24E. Buoyed by a stronger-than-expected sequential pickup in MY and SG turnover, FRCB's 3Q24 group turnover of MYR144.3m (+8%
YoY, +7% QoQ) was its highest quarterly turnover on record. Segmental revenue also exceeded MYR100m in TW for the first time on record.
業績不佳，但還有很多一線希望
除一次性外（-70萬馬幣），FRCB的24年第三季度核心淨利潤（CNP）爲3600萬馬幣（同比增長37％，環比增長11％）。累計而言，9M24 CNP爲9510萬馬幣（同比增長21％）低於預期，僅爲我們和共識的 FY24E 的63％。受馬來西亞和新加坡營業額連續回升強於預期的推動，FRCB24第三季度集團營業額爲14430萬馬幣（+8％）
同比，環比增長7％）是有記錄以來最高的季度營業額。分部收入也有記錄以來首次超過臺幣10000萬令吉。
MY woes resolved; gearing-up for a stronger FY25
Positively, SG and MY EBIT margins rebounded with sequential improvements of +3ppts/+5ppts after a weak 2Q24 (Kulim plant fire, O&G invoice timing issues). SG run-rates continue to track higher in QtD-4Q24, underpinned by improving order visibility from semicon customers. In MY, FRCB's Kulim plant is back to full operational capacity, while its O&G invoicing uncertainties seem resolved as the house gathers its customers are in the process of renewing their contracts.
我的困境解決了；爲更強勁的25財年做準備
積極的一面是，在經歷了24年第二季度疲軟（居林工廠火災、石油和天然氣發票時機問題）之後，新加坡和我的息稅前利潤率反彈，連續增長了3個百分點/+5個百分點。受半導體客戶訂單知名度的提高，新加坡的運行率在24年第四季度繼續走高。在緬因州，FRCB的居林工廠已恢復滿負荷運營，而隨着該企業聚集客戶，其O&G發票的不確定性似乎已經得到了解決，其客戶正在續訂合同。
Notwithstanding an expected strong finish to the year in 4Q24E, Maybank IB cuts the FY24E earnings by 8%, but maintain FY25E/26E earnings. With the worst likely behind FRCB, the house opines that resilient FE semicon growth momentum in SG will continue to drive FRCB's group earnings higher in FY25E
儘管預計 4Q24E 今年業績表現強勁，但馬來亞銀行將 FY24E 的收益削減了8％，但維持了25E/26E財年的收益。由於最壞的情況可能僅次於FrCB，該公司認爲，新加坡富強的鐵半導體增長勢頭將繼續推動FRCB集團在 FY25E 中的收益增長
譯文內容由第三人軟體翻譯。
