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Is Sales Fizzling Out For Power Root?

Is Sales Fizzling Out For Power Root?

Power Root的銷售是否正在減退?
Business Today ·  2024/11/24 04:12
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Power Root's 1HFY25 results disappointed notably on higher-than-expected operating costs, particularly labour costs, although pressure somewhat eased QoQ. Its 1HFY25 net profit fell 38% due to rising labour costs and higher forex loss. Kenanga in its assessment said it expects local sales to remain relatively flat due to pricing adjustments, partly offset by the upcoming civil servant salary hike, while overseas markets continue to face challenges from geopolitical uncertainties. It also cut the FY25-26F net profit by 8-7%.

Power Root在1HFY25的業績顯著失望,主要由於高於預期的營業費用,尤其是勞動力成本,儘管環比壓力有所緩解。其1HFY25的淨利潤下降了38%,原因是勞動力成本上升和外匯損失增加。Kenanga在評估中表示,預計由於價格調整,國內銷售將保持相對平穩,部分受到即將到來的公務員薪水上漲的抵消,而境外市場則繼續面臨地緣政治不確定性帶來的挑戰。它還將FY25-26F的淨利潤下調了8-7%。

The house is fine-tuning its TP by 2% to RM1.30 (from RM1.28) based on forward valuation on year to FY26F (from calendarised CY25F) and reiterates MARKET PERFORM.

該公司將其目標價小幅上調2%至RM1.30(由RM1.28調整)基於對FY26F的前瞻性估值(由日曆年CY25F調整),並重申市場表現。

The 1HFY25 net profit of RM15.8m came in below expectations at only 42% and 37% of our full-year forecast and the full-year consensus estimate, respectively, though revenue was within expectations. The key variance against our forecast came largely from higher-than-expected operating expenses, particularly labour costs. It declared an interim dividend of 2.0 sen in 2QFY25 (consistent with 2QFY24), implying a dividend payout ratio of 109%.

1HFY25的淨利潤爲1580萬RM,低於預期,僅佔我們全年預測和全年共識估計的42%和37%,但營業收入在預期內。與我們預測的主要差異主要來自於高於預期的營業費用,特別是勞動力成本。它在2QFY25宣佈派發2.0分的中期股息(與2QFY24一致),意味着股息支付比率爲109%。

YoY, its 1HFY25 turnover dropped 1% as weaker export sales (-13%) were partially offset by improved local sales (+7%). The house believes the increase in local sales could be partially attributed to the effective price hike for Alicafé products implemented a few quarters ago. However, its net profit plunged 38% due to rising labour costs (+15% YoY) and a forex loss of RM2.7m (1HFY24: RM2.1m gain).

同比,1HFY25的營業額下降了1%,由於出口銷售疲軟(下降13%),部分被國內銷售改善(增長7%)抵消。該公司認爲,國內銷售的增長可能部分歸因於幾季度前實施的Alicafé產品的有效漲價。然而,由於勞動力成本上升(同比增長15%)和270萬RM的外匯損失(1HFY24: 210萬RM的收益),其淨利潤暴跌38%。

QoQ, its 2QFY25 top line declined by 3% mainly due to lower sales in the overseas market (-17%). The weaker export performance was likely due to hefty sugar taxes in the UAE, KSA, and Oman, which doubled Alicafé prices and halved sales volumes. Local sales, however, provided some relief with a 6% growth. In spite of lower revenue, its bottom line grew 16% largely driven by reduced advertising and promotion costs, as well as lower variable labour expenses, leading to strong improvement in margins, particularly in the domestic market.

環比,其2QFY25的營業收入下降了3%,主要由於境外市場銷售減少(下降17%)。出口表現疲軟可能是由於在阿聯酋、沙特阿拉伯和阿曼的高額糖稅,使Alicafé的價格翻倍,銷售量減半。然而,國內銷售卻增長了6%,提供了一些緩解。儘管營業收入下降,其淨利潤卻增長了16%,主要得益於廣告和促銷成本的減少,以及較低的變量勞動力費用,從而在國內市場的利潤率顯著改善。

Kenanga expects local sales to remain flattish as PWROOT's pricing strategy adjustments narrows the discount of its products
against those of competitors. However, this may be partially offset by the upcoming salary increase for civil servants effective Dec 2024, which could help restore some consumer spending power. On the other hand, the house is still cautious on the overseas market which is expected to face persistent challenges due to geopolitical instabilities, impacting global retail demand and causing supply chain disruptions, especially in Middle East markets. Fluctuations in commodity prices and foreign exchange rates are likely to continue putting pressure on costs.

Kenanga預計本地銷量將保持平穩,因爲PWROOT的定價策略調整縮小了其產品的折扣。
與競爭對手的產品相比。然而,這可能會部分抵消2024年12月生效的公務員即將上漲的工資,這可能有助於恢復一些消費購買力。另一方面,該公司仍對境外市場保持謹慎,預計由於地緣政治不穩定,境外市場將面臨持續的挑戰,這將影響全球零售需求並導致供應鏈中斷,尤其是在中東市場。商品價格和外匯匯率的波動可能會繼續對成本施加壓力。

As for forecasts, the house is cutting its FY25-26F net profit by 8-7%, respectively, to account for higher labour costs. It also expects minimal impact from the upcoming increase in local sugar tax under Budget 2025, as 88% of the group's SKUs in Malaysia are already below the sugar tax threshold (as of FY24) due to ongoing product reformulation efforts

至於預測,該公司將其FY25-26F淨利潤分別削減8%和7%,以應對更高的勞動力成本。它還預計,由於該集團在馬來西亞的88%SKU已經低於糖稅閾值(截止FY24),因此即將實施的2025年預算下的當地糖稅上漲影響有限,因爲這已經得益於持續的產品改良工作。

譯文內容由第三人軟體翻譯。


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