SAM Poises For Long-Term Growth With Increased Orders
SAM Poises For Long-Term Growth With Increased Orders
SAM's aerospace segment showed a notable turnaround in 2QFY25, bouncing back from issues in 1QFY25, where product deliveries were delayed due to a redesign and material shortages. Furthermore, the equipment segment saw strong QoQ growth, with revenue up 15% and core profit after tax climbing 30%, driven by rising customer demand.Maybank Investment Bank Bhd (Maybank IB) has lowered its 12-month target price (TP) for SAM Eng & Equipment Bhd to RM5.50 from RM5.71, reflecting a modest cut in earnings forecasts for FY25-FY27E that is due to the anticipated start-up costs in the aerospace segment and more conservative revenue growth assumptions in the equipment segment.
馬來亞銀行投資銀行有限公司（Maybank IB）已將SaM Eng & Equipment Bhd的12個月目標價格（TP）從5.71令吉下調至5.50令吉，這反映了對FY25-FY27E 的收益預期略有下調，這是由於航空航天領域的預期啓動成本以及設備領域的收入增長假設更爲保守。
However, despite a slight reduction in TP, the research house has maintained its BUY call for SAM after the company posted a solid financial performance in its second quarter financial year 2025 (2QFY25) results.
但是，儘管目標價略有下降，但該研究機構在2025財年第二季度（2QFY25）業績中公佈了穩健的財務業績後，該研究機構仍維持了對SaM的買入呼籲。
For 2QFY25, SAM reported a core net profit of RM20.3 million, a significant 106% increase quarter-on-quarter (QoQ), although it still recorded a 39% decline year-on-year (YoY). The cumulative 1HFY25 core net profit of RM30.2 million was in line with Maybank IB's expectations, comprising 37% of its full-year forecast.
在 2QFY25 方面，SaM公佈的核心淨利潤爲2030萬令吉，同比大幅增長了106％，儘管同比仍下降了39％。1HFY25 累計核心淨利潤爲3020萬令吉，符合馬來亞銀行興業銀行的預期，佔其全年預測的37％。
SAM's aerospace segment showed a notable turnaround in 2QFY25, bouncing back from issues in 1QFY25, where product deliveries were delayed due to a redesign and material shortages. Furthermore, the equipment segment saw strong QoQ growth, with revenue up 15% and core profit after tax climbing 30%, driven by rising customer demand.
SAM 的航空航天領域在 2QFY25 中出現了顯著的轉變，該領域從 1QFY25 的問題中恢復過來，當時由於重新設計和材料短缺，產品交付延遲。此外，在客戶需求增加的推動下，設備板塊環比增長強勁，收入增長了15％，稅後核心利潤增長了30％。
Despite the ongoing challenges in the aerospace industry, SAM remains well-positioned for long-term growth with global aerospace production expected to increase as major players like Airbus SE and Boeing Co plan to ramp up production rates in the coming years.
儘管航空航天業面臨持續的挑戰，但隨着空中客車股份公司和波音公司等主要參與者計劃在未來幾年提高產量，SaM仍處於長期增長的有利地位，預計全球航空航天產量將增加。
Airbus aims to boost its A320neo production rate to 75 units by 2027, while Boeing plans to raise its 737Max and 787 productions to 50 and 10 units respectively by 2026. These production increases are expected to help alleviate supply chain constraints, which have hindered previous output.
空中客車公司的目標是到2027年將其A320neo的產量提高到75架，而波音公司計劃到2026年將其737Max和787的產量分別提高到50和10架。預計這些產量增長將有助於緩解阻礙先前產量的供應鏈限制。
Maybank IB continues to view SAM as a secular growth company, supported by high-profile customers in the aerospace sector.
Maybank Ib繼續將SaM視爲一家長期增長的公司，得到了航空航天領域知名客戶的支持。
Despite the short-term challenges, SAM's long-term growth prospects remain intact, with the company targeting a doubling of revenue over the next five years. The revised earnings forecast implies a 13% compound annual growth rate in core net profit for FY24-FY27E, further strengthening its growth story.
儘管面臨短期挑戰，但SAM的長期增長前景仍然完好無損，該公司的目標是在未來五年內將收入翻一番。修訂後的收益預測意味着，FY24-FY27E 的核心淨利潤複合年增長率爲13％，進一步鞏固了其增長勢頭。
譯文內容由第三人軟體翻譯。
