MALAYSIAN Pacific Industries Bhd (MPI) has been getting some heightened attention from the equity analyst community after a decent showing in its most recent quarterly financial filing.
MPI posted a net profit of RM81.4 million for the first nine months ended March 31, 2024 (9M24), up 53% from the same period a year earlier, on RM1.56 billion in revenue. The company attributed the profitability to better exchange rates, lower operating expenses and higher interest income.
The counter was upgraded to 'Outperform' from 'Market Perform' at Kenanga Investment Bank Bhd (Kenanga Research) with a big jump in 52-week target price (TP) after announcing its third quarter results.
MPI provides manufacturing services for semiconductor packaging and testing, and manufacturing and sale of lead frames.
In a note on May 17, Kenanga Research raised the counter's 52-week TP to RM40.14, up 48% from RM33.50, noting that MPI's 9M24 financial results had met expectations.
"Its 9M24 core net profit surged 53% on sustained recovery at its Suzhou, China plant and the discontinuation of loss-making lead frame units.
We are positive on its outlook as the recovery of the semiconductor sector trickles down from the front-end to the back-end," it said.
In another note on the same day, RHB Investment Bank Bhd (RHB Research) maintained its 'Buy' call on the counter, but with a higher 52-week TP of RM37.70, up from RM35.90.
It noted that MPI's 9M24 core profit of RM119.8 million, up 62% year-on-year, had exceeded expectations on higher-thanexpected Ebitda margins stemming from favourable foreign exchange (forex).
MPI shares have four 'Buy', one 'Hold' and two 'Sell' calls by analysts tracked by Bloomberg, with a 52-week TP of RM35.35.
The stock was up 2% to RM34.15 at 9.15am last Friday from the previous day's close of RM33.50. Its 52-week high/low was RM34.22/RM25.16.
For the fourth quarter 2024 (4Q24), Kenanga Research said it was optimistic for a stronger result in the absence of one-off severance pay-outs on the discontinuation of its lossmaking lead frame unit in 3Q and as utilisation in Suzhou continues to improve.
"Additionally, as front-end semiconductor players have been experiencing an upswing since late 2023, the group is beginning to see a trickle-down effect, albeit gradually. This, coupled with its continued efforts to rein in on cost and optimise supply-chain efficiency should add on to the recovery momentum," it said.
The research house said it continued to like MPI for its strong presence in the growing automotive semiconductor segment, its venture into promising new technology such as gallium nitride and silicon carbide, and its superior expertise in power management chip packaging for data centres.
RHB Research noted that the semiconductor sector recovery should boost utilisation.
"The semiconductor sector's recovery continues on, boosting the utilisation rate at Carsem Suzhou, supported by stronger demand for servers and in the smartphone markets. Uneven recovery in the various endapplications will continue to undermine a full-blown sector recovery, in our view," it said.
On the flip side, it said the downside risks for the counter were slower-than-expected orders, loss of a major customer, technology obsolescence and unfavourable forex.
马来西亚太平洋工业有限公司(MPI)在最近的季度财务文件中表现不错之后,引起了股票分析师界的更多关注。
MPI公布截至2024年3月31日的前九个月(9M24)的净利润为8,140万令吉,收入为15.6亿令吉,较去年同期增长53%。该公司将盈利能力归因于更好的汇率、更低的运营费用和更高的利息收入。
肯南加投资银行有限公司(Kenanga Research)在公布第三季度业绩后,该柜台从 “市场表现” 上调至 “跑赢大盘”,52周目标价(TP)大幅上涨。
MPI 为半导体封装和测试以及引线框架的制造和销售提供制造服务。
在5月17日的一份报告中,Kenanga Research将该柜台的52周目标价从33.50令吉上调至40.14令吉,并指出MPI的24年9M财务业绩符合预期。
“其9M24核心净利润激增了53%,这要归因于其中国苏州工厂的持续复苏以及亏损的引线框架部门的停产。
它说,随着半导体行业的复苏从前端渗透到后端,我们对其前景持乐观态度。”
在同一天的另一份报告中,兴业银行投资银行有限公司(RHB Research)维持其在柜台上的 “买入” 看涨期权,但52周目标价从35.90令吉上涨至37.70令吉。
它指出,MPI的9M24核心利润为1.198亿令吉,同比增长62%,超出了预期,原因是有利的外汇(外汇)导致息税折旧摊销前利润率高于预期。
彭博追踪的分析师对MPI股票进行了四次 “买入”、一次 “持有” 和两次 “卖出” 看涨期权,52周目标价为35.35令吉。
上周五上午9点15分,该股从前一天的收盘价33.50令吉上涨了2%,至34.15令吉。其52周高点/低点为34.22令吉/25.16令吉。
Kenanga Research表示,对于2024年第四季度(24年第四季度),由于第三季度停产亏损的主机架部门没有一次性遣散费,而且苏州的利用率持续提高,它对业绩表现更强劲持乐观态度。
“此外,随着前端半导体企业自2023年底以来一直处于上升趋势,该集团开始出现滴流效应,尽管是渐进的。它说,再加上其控制成本和优化供应链效率的持续努力,将增加复苏势头。”
该研究机构表示,它继续喜欢MPI,因为它在不断增长的汽车半导体领域的强大影响力,涉足氮化镓和碳化硅等前景广阔的新技术,以及在数据中心电源管理芯片封装方面的卓越专业知识。
RHB Research指出,半导体行业的复苏应该会提高利用率。
“在服务器和智能手机市场需求强劲的支持下,半导体行业的复苏仍在继续,提高了苏州Carsem的利用率。它说,在我们看来,各种最终应用的复苏参差不齐将继续破坏行业的全面复苏。”
另一方面,该公司表示,柜台面临的下行风险是订单低于预期、失去主要客户、技术过时和外汇不利。