Poor Delivery From Swift Haulage
Poor Delivery From Swift Haulage
Outlook. The second half of the year is usually stronger for the container haulage business due to the peak season. However, this year's performance was affected by the Red Sea crisis, which contributed to port congestion and disrupted the movement of goods. Meanwhile, an additional +30% more capacity or +387,000 sq ft will be added to Swift's own/lease & operate warehouse portfolio this year. MIDF said it anticipates further margin improvement as the overall warehouse utilisation rate is expected to increase to 80% this year (FY23: 74%). The house sees additional potential in the land transportation segment as warehouse utilisation rates improve, which could drive further growth through cross-selling opportunities
Swift Haulage Berhad (Swift) reported a core PATAMI of RM5.5m for 3QFY24, bringing the total for 9MFY24 to RM21.2m. This was below expectations, achieving only 60%/55% of MIDF's/consensus full-year forecast as the profit margin was unexpectedly lower.
Swift Haulage Berhad（Swift）報告稱，3QFY24 的核心PATAMI爲550萬令吉，這使得 9MFY24 的總收入達到2120萬令吉。這低於預期，由於利潤率出人意料地降低，僅實現了MIDF/共識全年預測的60％/55％。
Quarterly. All segments drove the +8.9%yoy revenue growth in 3QFY24, with double-digit gains in higher-margin warehousing & depot and freight forwarding businesses. The PBT margin drop in the container haulage segment (-1.7ppts) was likely due to lower volumes stemming from port congestion. Core PATAMI more than doubled compared to 3QFY23, driven by an overall +1.7ppts improvement in margin.
每季度。所有細分市場推動了 3QFY24 收入同比增長8.9％，利潤率更高的倉儲和倉庫以及貨運代理業務實現了兩位數的增長。集裝箱運輸領域的PbT利潤率下降（-1.7ppts）可能是由於港口擁堵導致的運量減少。Core PATAMI 與 3QFY23 相比翻了一番多，這得益於利潤率總體上提高了1.7個百分點。
Sequentially, the +5.9%qoq revenue increase was driven by growth across all segments. Land transportation was the only segment experiencing a drop in PBT margin (-0.5ppts), likely due to lower rates from the absence of festive periods. Core PATAMI declined -34.0%qoq, partly due to a higher effective tax rate in the reporting quarter.'
按順序排列，環比收入增長5.9％是由所有細分市場的增長推動的。陸路運輸是唯一一個PbT利潤率下降（-0.5個百分點）的細分市場，這可能是由於沒有節日期間導致利率降低。核心PATAMI環比下降了-34.0％，部分原因是報告季度的有效稅率有所提高。”
Outlook. The second half of the year is usually stronger for the container haulage business due to the peak season. However, this year's performance was affected by the Red Sea crisis, which contributed to port congestion and disrupted the movement of goods. Meanwhile, an additional +30% more capacity or +387,000 sq ft will be added to Swift's own/lease & operate warehouse portfolio this year. MIDF said it anticipates further margin improvement as the overall warehouse utilisation rate is expected to increase to 80% this year (FY23: 74%). The house sees additional potential in the land transportation segment as warehouse utilisation rates improve, which could drive further growth through cross-selling opportunities
展望。由於旺季，集裝箱運輸業務的下半年通常表現強勁。但是，今年的表現受到紅海危機的影響，這場危機導致了港口擁堵並擾亂了貨物的流動。同時，Swift自有/租賃和運營的倉庫投資組合今年將再增加30％或+387,000平方英尺。MIDF表示，預計利潤率將進一步提高，因爲預計今年的整體倉庫利用率將提高到80％（23財年：74％）。隨着倉庫利用率的提高，該公司認爲陸路運輸領域有更多潛力，這可能會通過交叉銷售機會推動進一步增長
Maintain BUY for now. Earnings estimates are maintained for now, though there is a possibility of a downgrade as MIDF said it awaits the 9MFY24 operating statistics to be shared during the results briefing later today. The stock is trading at -0.5 SD below the sector's 5-year historical mean. A key downside risk is further pressure on profit margins from diseconomies of scale
暫時維持買入。目前收益預期維持不變，但有可能下調，因爲MIDF表示正在等待今天晚些時候的業績發佈會上公佈的 9MFY24 運營統計數據。該股的交易價格爲-0.5美元，低於該行業的5年曆史平均水平。一個關鍵的下行風險是規模不經濟給利潤率帶來進一步的壓力
譯文內容由第三人軟體翻譯。
