Corporate Companies 9M Core Earnings Grows 15.5%
Corporate Companies 9M Core Earnings Grows 15.5%
Maybank said it makes no change to its sector calls as it continues to Overweight Banks, Construction, Consumer, Gaming, O&G, REITs, RE, Tech (EMS & Software); and UW Petrochem. The house also refreshed its top BUY list – adding Hartalega and Genting Plant; removing Sime Darby, Gamuda, KPJ and Eco World (due to narrowed upside; these stocks are still BUYs); replacing ATech with VSI, Greatech (D/G-ed to HOLD) with Frontken, Velesto with Bumi Armada.Third-quarter core earnings continued on their YoY uptrend for the 6th sequential quarter but at a slower pace. Consolidated core earnings were up 6.6% YoY in 3Q24, bringing 9M24 growth to 15.5%, contributed by all sectors – except Consumer.
第三季度核心盈利連續第六個季度同比增長，但增速減慢。2024年第三季度合併核心盈利同比增長6.6%，使2024年前九個月的增長達到15.5%，所有板塊均有貢獻——除了消費板塊。
Heavy lifters were Banks, Utilities, Plantation, Property, Oil & Gas, and Aviation (which returned to the black). Gloves too, returned to the black. Misses > beats, but about half were in line The ratio of core earnings misses-to-beats (vs. our forecasts) remained at 1.0x – at 1.7x. About half (49%) of the core earnings reported were in-line, 32% fell short and 19% beat our expectations. Gaming, Gloves, Petrochem, Technology, and Transport generally disappointed, and there were no sectors with earnings that positively surprised. Prominent -ve outliers were Berjaya Food, Capital A, Al-Salam REIT, Hartalega, Solarvest; notable +ve surprises came from Axiata, AMMB and Genting M'sia in the large caps. Growth est. revised: +13% in 2024E, +10.9% in 2025E
主要貢獻者是銀行、公用事業、種植、房地產、石油與燃料幣以及航空（回歸盈利）。手套亦回歸盈利。未達到預期的數量大於符合預期，但大約一半是符合預期的。核心盈利未達預期與達預期的比例（與我們的預測相比）保持在1.0倍——爲1.7倍。約一半（49%）的報告核心盈利符合預期，32%未達預期，19%超出我們的預期。arvr遊戲、手套、石油化工、科技和運輸 generally disappointed，沒有板塊的盈利帶來正面的驚喜。顯著的負面異常值包括Berjaya Food、Capital A、Al-Salam信託、Hartalega和Solarvest；顯著的正面驚喜則來自Axiata、AMMb和Genting M'sia大型股。增長預估修正：2024年預估增長13%，2025年預估增長10.9%。
Maybank estimates +13% core earnings growth for its coverage and +9.4% for the KLCI in 2024E (previously +14.5% and +12.1%) and +10.9% for its coverage and +9.4% for KLCI in 2025E (vs. +11% and +9.4% respectively). For 2025E, the house expects almost all sectors to deliver YoY core earnings growth except Port & Logistic. For Consumer (-ve growth in 2024E), the house expects earnings to rebound amid better sentiment from civil service salary hikes and minimum wage increases.
Maybank預估其覆蓋範圍內的核心盈利增長爲13%，2024年KLCI增長爲9.4%（之前爲14.5%和12.1%），而2025年其覆蓋範圍內的核心盈利增長爲10.9%，KLCI爲9.4%（分別爲11%和9.4%）。對於2025年，預計幾乎所有板塊都能實現同比核心盈利增長，除了港口與物流。對於消費板塊（2024年負增長），預計在公務員工資上漲和最低工資增加的良好情緒下，盈利將反彈。
Maybank said it makes no change to its sector calls as it continues to Overweight Banks, Construction, Consumer, Gaming, O&G, REITs, RE, Tech (EMS & Software); and UW Petrochem. The house also refreshed its top BUY list – adding Hartalega and Genting Plant; removing Sime Darby, Gamuda, KPJ and Eco World (due to narrowed upside; these stocks are still BUYs); replacing ATech with VSI, Greatech (D/G-ed to HOLD) with Frontken, Velesto with Bumi Armada.
Maybank表示繼續維持其行業評級，沒有對其板塊建議進行更改，持續看好銀行、施工、消費、arvr遊戲、石油與燃料幣、信託、房地產、科技（EMS與軟件）；並低配石油化工。該行還更新了其主要買入名單——增加了Hartalega和Genting Plant；刪除了Sime Darby、Gamuda、KPJ和Eco World（由於上行空間縮小；這些股票仍然是買入）；將ATech替換爲VSI，Greatech（調降至持有）替換爲Frontken，Velesto替換爲Bumi Armada。
譯文內容由第三人軟體翻譯。
