Maybank Lowers MR DIY's Full Year Earnings Forecast
Maybank Lowers MR DIY's Full Year Earnings Forecast
MRDIY's 3Q24 results disappointed on weak sales volume and higher-than expected operating expensesf the latest earnings report, that said, the house expects 4Q24 earnings to improve, on festive spending and civil service wage increases. Outlook for FY25E remains positive in anticipation of an overall rise in consumer disposable income from various Government initiatives.
MRDIY的24年第三季度業績因銷售量疲軟和運營支出高於預期而令人失望。最新的業績稱，衆議院預計，由於節日支出和公務員工資的增加，第四季度的收益將有所改善。由於預計各種政府舉措的消費者可支配收入將總體上增加，FY25E 的前景仍然樂觀。
The FY24E-FY26E earnings estimates are reduced by 5%-9% however, Maybank has maintained its Buy call with a lower TP of MYR2.35 (-10sen) based on unchanged 30x FY25E PER, c.-0.5SD to mean. 9M24 net profit made up just 65% of FY24E MRDIY's 3Q24 net profit of MYR122m (-2% YoY, -22% QoQ) brought 9M24 net profit to MYR422m (+5% YoY). The latter reflected just 65%/66% of the house consensus FY24E. The earnings shortfall was largely due to underperformance in sales, along with higher-than-expected operating expenses.
FY24E-FY26E 的收益預期下調了5％-9％，但是，馬來亞銀行維持了買入看漲期權，目標價爲2.35令吉（-10秒），按30倍 FY25E 市盈率不變，平均值約爲-0.5美元。9M24淨利潤僅佔FY24E MRDIY24第三季度12200萬令吉淨利潤的65％（同比下降2％，環比下降22％），爲緬元帶來了9M24淨利潤 42200萬蘭特（同比增長5％）。後者僅反映了衆議院共識 FY24E 的65％/66％。收益短缺主要是由於銷售表現不佳，以及運營費用高於預期。
A third interim DPS of 0.1sen brings YTD DPS to 3.2sen (DPR: 70%).3Q24 SSSG down -1.8% YoY 3Q24 revenue grew +6% YoY led by added contribution from new stores (+49 stores YoY), but partially offset by weaker SSSG of -1.8% YoY given softer average basket size of MYR24.90 (3Q23: MYR25.50). 3Q24 pre-tax profit declined by -2% YoY on higher administrative expenses (+26% YoY) from one-time charges of MYR3.7m in relation to its new automated warehouse, and higher interest expense (+15% YoY). On a QoQ basis, the absence of festive spending and softer consumer sentiment attributed to
its weaker topline (-5% QoQ) and bottom-line (-22% QoQ).
第三個中期每股收益爲0.1sen使年初至今的每股收益達到3.2sen（DPR：70％）。24年第三季度SSSG同比下降-1.8％，由新門店（同比增長+49個門店）的額外貢獻帶動，SSSG同比下降1.8％（23年第三季度：25.50令吉），部分抵消了同比下降1.8％。第三季度稅前利潤同比下降2％，原因是與其新的自動化倉庫有關的一次性費用370萬令吉的管理費用增加（同比增長26％），以及利息支出增加（同比增長15％）。按季度計算，節日支出缺失和消費者信心疲軟歸因於
其收入較弱（季度環比下降5％）和利潤（季度環比下降22％）。
Expecting better earnings in 4Q24
MRDIY's total store count stands at 1,383 stores as at end-3Q24 (YTD: +128 stores, 71% of its FY24 target of +180 stores). The group targets to open +190 new stores in FY25. 4Q24 earnings are expected to come in stronger QoQ as consumer spending increases during the year-end festive season, coupled with potentially stronger sales momentum after the civil service salary hike on 1 Dec 2024. The FY24E/FY25E/FY26E earnings are lowered by -9%/-6%/-5% on adjusting for current operating run rates.
預計24年第四季度收益將有所改善
截至24年第三季度末，MRDIY的門店總數爲1,383家（年初至今：+128家門店，佔其24財年目標+180家門店的71％）。該集團的目標是在25財年開設超過190家新門店。隨着年終節日季消費者支出的增加，以及2024年12月1日公務員加薪後可能出現更強勁的銷售勢頭，預計24年第四季度的收益環比將更強勁。經當前運營率調整後，24財年/25財年/26財年的收益下調了-9％/-6％/-5％。
譯文內容由第三人軟體翻譯。
