Guan Chong's Year-End Prospect Promising On High Cocoa ASP
Guan Chong's Year-End Prospect Promising On High Cocoa ASP
RHB Investment Bank Bhd (RHB Research) has maintained its BUY rating for Guan Chong and has revised upward the target price to RM6.22 from RM5.10, with a premium more than 100% based on Guan Chong's market valuation.
Guan Chong Bhd's outlook for end 2024 is expected to be robust on high cocoa butter average selling prices (ASP), coupled with expansion of production capacity following the company's acquisition of Transcao Côte d'Ivoire, according to RHB Investment Bank Bhd (RHB Research).
根据RHb投资银行有限公司（RHb研究）的分析，观众控股有限公司在2024年底的前景预计将因可可脂平均售价高企，以及公司收购科特迪瓦Transcao公司的扩产而显得强劲。
Asia's leading grinder reported record high nine-month1 core earnings of RM242 million that still missed expection slightly due to higher-than-expected interest costs, according to RHB Research. The record high year-to-date (YTD, up to September) revenue of RM7.1 billion reflected a 99.2% YoY growth. Interest expenses increased by 109% YoY to RM195 million against forecast of RM167 million. Nevertheless, a strong close to 2024 is expected.
亚洲领先的研磨机报告称，其核心营业收入创下九个月的记录高达RM24200万，但由于利息成本高于预期，仍略微未达到预期。至2023年9月的年初至今（YTD）营业收入创下RM71亿，同比增长99.2%。利息支出同比增加109%，达RM19500万，预测为RM16700万。尽管如此，预计2024年将强劲收官。
Despite the increases in working capital, the healthy YoY earnings growth was buoyed by increases in sales volumes for cocoa solids and higher ASP. An interim dividend of 1 sen/share was declared, with ex-date set on Dec 11.
尽管有所增加， 营运资本健康的同比盈利增长得益于可可固体销售量的增加和更高的平均销售价格（ASP）。宣布中期股息为每股1仙，除息日定在12月11日。
RHB Investment Bank Bhd (RHB Research) has maintained its BUY rating for Guan Chong and has revised upward the target price to RM6.22 from RM5.10, with a premium more than 100% based on Guan Chong's market valuation.
RHb投资银行有限公司（RHb研究）维持对官创的买入评级，并将目标价从RM5.10上调至RM6.22，基于官创的市场估值，溢价超过100%。
The downside risk factors include sharp raw material price fluctuations, weakening cocoa demand, a softening ringgit-to-US dollar exchange rate, and counter-party risk.
下行风险因素包括原材料价格剧烈波动、可可需求减弱、马来西亚林吉特对美元的汇率回落以及交易对手风险。
As at 11:54am Nov 27, Guan Chong Bhd's shares traded at RM3.02, up 21 sen from its previous closing price of RM2.81. (Stock updates from Bursa Malaysia)
截至11月27日11:54，Guan Chong Bhd的股票交易价格为RM3.02，比之前的收盘价RM2.81上涨21仙。（来自马来西亚交易所的股市更新）
The 2024 third quarter core profit increased 146.1% YoY and 24.4% QoQ to RM83.4 million – on the back of stellar revenue growth of RM2.9 billion which expanded 132% YoY and 33.9% QoQ. This is despite the efficiency loss and higher input costs on lower production tonnage (-6k tonne QoQ) on delays in beans delivery amid port congestion issues. EBITDA2 yield (per tonne) expanded to RM2,298 from RM923 recorded in the third quarter of 2023, while yield per tonne for the second quarter of 2024 amounted to RM1,545.
2024年第三季度的核心利润同比增长146.1%，环比增长24.4%，达到RM8340万——这得益于营业收入的恒星增长RM29亿，同比增长132%，环比增长33.9%。尽管由于港口拥堵问题导致的豆类交货延迟造成生产吨位减少（环比减少-0.6万吨），从而造成效率损失和较高的投入成本。这一季度的每吨EBITDA收益从2023年第三季度的RM923扩大至RM2,298，而2024年第二季度的每吨收益为RM1,545。
- January to September for financial year ending 31 December 2024. ︎
- EBITDA: Earnings Before Interest, Tax, Depreciation/Amortization ︎
- 2024财年的1月至9月，截止日期为12月31日。
- EBITDA：息税折旧摊销前收益
译文内容由第三方软件翻译。
