Analysts Cautious On Globetronics Long-Term Outlook Due To Forex Volatility, Customer Dependency
Analysts Cautious On Globetronics Long-Term Outlook Due To Forex Volatility, Customer Dependency
Meanwhile, Maybank IB adjusted its earnings forecasts, raising estimates for FY25E but reducing projections for FY26E and FY27E, citing margin compression and weaker-than-expected demand from key customers as major concerns.
Although RHB Investment Bank Bhd (RHB Research) and Maybank Investment Bank Bhd (Maybank IB) have provided differing outlooks for Globetronics Technology Bhd, both research houses have maintained their respective stock call for Globetronics with RHB Research maintained its TRADING BUY call with a target price of 70 sen, representing a 27.3% upside from its current price of 55 sen, while, Maybank IB maintaining HOLD with a revised TP of 54 sen.
儘管興業銀行投資銀行有限公司（RhB Research）和馬來亞銀行投資銀行有限公司（Maybank IB）對環球電子科技有限公司的展望各不相同，但兩家研究機構都維持了各自對Globetronics的看漲期權，目標價爲70先令，較目前的55仙上漲27.3％，而Maybank Ib維持持有，修訂後的目標價爲70先令 54 參議員
Both analysts highlighted that Globetronics' 9M24 performance was below market expectations, with RHB Research noting the company's core earnings of RM12 million were in line with its forecasts, but missed the Street's estimates. Maybank IB pointed out that the company's results for the third quarter financial year of 2025 (3QFY25) fell short due to weaker volume loading and an unrealised foreign exchange (forex) loss.
兩位分析師都強調，Globetronics的24年業績低於市場預期，RhB Research指出，該公司1200萬令吉的核心收益與其預測一致，但未達到華爾街的預期。Maybank Ib指出，由於交易量減弱和未實現的外匯（外匯）虧損，該公司2025財年第三季度（3QFY25）的業績不佳。
Nevertheless, RHB Research maintained a positive outlook for Globetronics in 4Q25, expecting favourable forex trends and stable loadings to boost performance. The company's recent agreements with ChipMos Technologies Inc and POET Technologies could serve as growth catalysts into FY25. RHB Research sees these developments as pivotal in driving the company's medium-term growth, although the research house cautioned that structural uncertainties remain.
儘管如此，RhB Research對Globetronics在25年第四季度保持樂觀的前景，預計有利的外匯趨勢和穩定的負荷將提振業績。該公司最近與ChipMos Technologies Inc和PoET Technologies達成的協議可能成爲25財年的增長催化劑。RhB Research認爲這些發展對於推動公司的中期增長至關重要，儘管該研究機構警告說，結構性不確定性仍然存在。
Meanwhile, Maybank IB adjusted its earnings forecasts, raising estimates for FY25E but reducing projections for FY26E and FY27E, citing margin compression and weaker-than-expected demand from key customers as major concerns.
同時，馬來亞銀行調整了其收益預期，提高了對 FY25E 的預期，但下調了對 FY26E 和 FY27E 的預期，理由是利潤率壓縮和主要客戶的需求低於預期。
Despite the disappointing financial results, Globetronics secured a second new customer in November, POET Technologies, which is expected to bring in additional revenue from its optical interposer modules for datacomms and artificial intelligence applications. This new deal, worth an estimated RM145 million, could help the company recover, although both analysts remain cautious about the long-term outlook due to risks such as forex volatility and customer dependency.
儘管財務業績令人失望，但Globetronics在11月獲得了第二個新客戶PoET Technologies，預計該公司將通過其用於數據通信和人工智能應用的光學中介模塊帶來額外收入。儘管由於外匯波動和客戶依賴等風險，兩位分析師對長期前景仍持謹慎態度，但這筆新協議估計價值14500萬令吉，可能有助於公司復甦。
譯文內容由第三人軟體翻譯。