Kossan Could See Better Margins In Q4
Kossan Could See Better Margins In Q4
Kossan Rubber's 3Q24 core net profit of MYR22m, Maybank said was below and consensus estimates. The house said however it expects stronger earnings in 4Q24 due to increased sales volume and better ASP as well as stablising USD/MYR rate. Subsequently Maybank is lowering its FY24/25/26E earnings by 4-9% and offers a new TP is MYR2.49 -8sen; on unchanged 1.7x FY26E P/B).
Kossan橡膠在2024年第三季度的核心淨利潤爲2200萬馬來西亞令吉，梅銀行表示低於市場預期。然而，該行預計2024年第四季度由於成交量增加和更好的平均售價以及美元/馬來西亞令吉匯率穩定，將迎來更強勁的盈利。隨後，梅銀行將其2024/25/26財年的盈利預測下調了4-9%，並提供新的目標價爲2.49馬來西亞令吉，調整幅度爲8仙；維持2026財年預計的市淨率爲1.7倍。
Maybank said it continues to like Kossan on its strong balance sheet and more diversified income stream and maintains a Buy call on the stock.
梅銀行表示，由於Kossan的強勁資產負債表和更多元化的收入來源，繼續看好該公司，並對該股維持買入看漲。
Results hit by higher raw material costs and forex
Excl. MYR27.8m unrealised forex loss, MYR30.4m gain on derivatives and MYR5.2m fair value gain on financial assets, KRI's 3Q24 core net profit of MYR21.7m lifted 9M24 core net profit to MYR73.6m, accounting for 63%/61% of our/consensus' FY24E. The earnings shortfall was mainly due to higher raw material costs and realised forex losses.
業績受更高的原材料成本和外匯影響。
除去2780萬馬來西亞令吉的未實現外匯損失、3040萬馬來西亞令吉的衍生品收益和520萬馬來西亞令吉的金融資產公允價值收益，KRI在2024年第三季度的核心淨利潤爲2170萬馬來西亞令吉，使得2024年前九個月的核心淨利潤提升至7360萬馬來西亞令吉，佔我司/市場共識2024年預計的63%/61%。盈利短缺主要由於原材料成本上升和已實現的外匯損失。
More on 3Q24 results ...
Despite a +18% QoQ increase in 3Q24 revenue, core net profit declined by 19% dragged by lower pretax margin in its technical rubber products and cleanroom gloves + others divisions. Plant utilisation rate (for gloves) is estimated at c.72% (based on ASP of USD21/k pcs vs. 66% in 2Q24) on 24.5b pcs. p.a. capacity. 4Q24 margin is expected to improve due to better utilisation rate and ASP on higher glove demand and stablising USD/MYR currency rate
更多關於2024年第三季度的業績...
儘管2024年第三季度營業收入環比增長18%，但核心淨利潤因其技術橡膠產品和淨化室手套及其他部門的稅前利潤率下降而下降了19%。工廠利用率（手套）估計約爲72%（基於每千個的平均售價爲21美元，相較於2024年第二季度的66%），年產能力爲245億個。預計2024年第四季度的利潤率將改善，因爲更好的利用率和由於手套需求增加以及美元/馬來西亞令吉匯率穩定而導致的平均售價上升。
Earnings adjustments
The house is lowering its FY24/25/26E earnings forecasts by -8.4%/-8.8%/-4.4% after factoring in higher raw material costs and higher dividend payout for FY24. KRI's balance sheet remained strong with MYR1.8b in net cash (71sen/sh) as of end-3Q24. KRI also declared a total net DPS of 8sen (2sen interim and 6sen special) for FY24 YTD – above expectation.
盈利調整
該公司在考慮到原材料成本上升和FY24年度更高的分紅支付後，預計FY24/25/26E的收益預測將下調-8.4%/-8.8%/-4.4%。截至2024年第三季度末，KRI的資產負債表依然強勁，淨現金爲18億馬來西亞令吉（每股71仙）。KRI還宣佈了截至FY24年的總淨分紅每股8仙（其中2仙爲中期分紅，6仙爲特別分紅），超出預期。
譯文內容由第三人軟體翻譯。
