LBS Bina To Have Favourable Outlook Amid Weaker-Than-Expected 3Q24 Performance
LBS Bina To Have Favourable Outlook Amid Weaker-Than-Expected 3Q24 Performance
The group's new township development in Genting Highlands, the Rimbawan Township, launched in October 2024 with a gross development value (GDV) of RM9.5 billion, together with the first phase of Bayu Hills serviced apartments that boast a GDV of RM453 million and the ongoing developments such as KITA @ Cybersouth and Alam Perdana are expected to drive long-term growth for LBS.RHB Investment Bank Bhd (RHB Research) has upgraded LBS Bina Group Bhd to a BUY rating from NEUTRAL, setting a target price of 72 sen, implying a 32.9% upside and an approximately 9% yield for the financial year of 2024 (FY24). The upgrade comes despite LBS reporting a weaker-than-expected performance for its third quarter of 2024 (3Q24), as the house cited a favourable long-term outlook and the declaration of a special dividend as key factors behind the reassessment.
RHb投资银行有限公司（RHb研究）将LBS Bina集团有限公司的评级从中立调升至买入，设定目标价为72仙，意味着32.9%的上涨空间，预计2024财政年度（FY24）将有约9%的收益率。 尽管LBS报告2024第三季度（3Q24）表现较弱，但该机构认为长期前景有利，并宣布特别股息是重新评估背后的关键因素。
LBS Bina's 3Q24 revenue was impacted by the completion or near completion of several development projects. This led to a sequential and year-on-year (YoY) decline in earnings, with core profit dropping 21% quarter-on-quarter and 33% YoY after excluding a one-off gain of RM137 million from the sale of Lamdeal Investments Ltd, which owns a 60% stake in Zhuhai International Circuit (ZIC). Additionally, rising finance costs due to liability settlements added further pressure on earnings.
LBS Bina的2024第三季度营收受到几个开发项目完成或接近完成的影响。 这导致盈利同比和按季度下降，核心利润在除去Lamdeal Investments Ltd出售所得13700万令吉的一次性收益后，按季度下降21%，按年下降33%，该公司拥有珠海国际赛车场（ZIC）60%的股份。 此外，由于因应解决债务而导致财务成本上升，进一步对盈利造成压力。
Despite missing its RM1.8 billion sales target for FY24 due to delays in project launches caused by lengthy approval processes, the group managed to achieve property sales of RM1.2 billion as of November 2024, with RM217 million in bookings pending conversion. Unbilled sales stood at RM1.7 billion, providing a solid earnings buffer for the coming years.
尽管由于审批流程冗长导致项目推出延迟，未能达到FY24的18亿令吉销售目标，但截至2024年11月，该集团已达到12亿令吉的物业销售额，预订的约21700万令吉尚待转化。 未开票销售额为17亿令吉，为未来几年提供了可观的盈利保障。
The group's new township development in Genting Highlands, the Rimbawan Township, launched in October 2024 with a gross development value (GDV) of RM9.5 billion, together with the first phase of Bayu Hills serviced apartments that boast a GDV of RM453 million and the ongoing developments such as KITA @ Cybersouth and Alam Perdana are expected to drive long-term growth for LBS.
该集团在云顶高原的新城镇发展项目，Rimbawan新村，于2024年10月推出，总发展价值为95亿令吉，以及拥有45300万令吉总发展价值的Bayu Hills服务式公寓的第一阶段，以及预计将推动LBS长期增长的KITA @ Cybersouth和Alam Perdana等正在进行的开发项目。
RHB Research noted that LBS has made commendable progress in cost management, evidenced by an improvement in EBIT margins for the first nine months of 2024 to 20.7% compared to 17.9% a year earlier. However, the challenging property market environment and delayed project launches prompted a downward revision of the FY24F-26F earnings forecasts by 10%, 4%, and 4%, respectively.
RHb研究指出，LBS在成本管理方面取得了可观进展，证明了2024年前九个月EBIt利润率的提高，为20.7%，而去年同期为17.9%。 然而，具有挑战性的房地产市场环境和项目推出延迟促使将FY24F-26F的盈利预测分别下调了10%，4%和4%。
The revised target price of RM0.72 incorporates a 65% discount to the revised net asset value (RNAV) and includes a 2% premium for environmental, social, and governance (ESG) considerations. Key risks highlighted include a weaker-than-expected property market, delays in project rollouts, and rising competition within the industry.
修订后的目标价为RM0.72，包含对修订后的净资产价值（RNAV）的65%折扣，并考虑到环境、社会和治理（ESG）因素的2%溢价。重点风险包括房地产市场低于预期、项目推出延迟以及行业内竞争加剧。
译文内容由第三方软件翻译。
