Datasonic Could See Earnings Surge With 10-Year Passport Implementation
Datasonic Could See Earnings Surge With 10-Year Passport Implementation
Datasonic Group could anticipate a surge in revenue and profitability due to the implementation of an optional 10-year passport validity, according to a report by RHB Investment Bank.
根据大华投资银行的一份报告，Datasonic Group 可以预期实施可选的10年护照有效期，从而预料到收入和盈利将会激增。
RHB has maintained a BUY rating on the group with a target price of RM0.68, indicating a potential upside of 30% and a forecast yield of approximately 5% for the Fiscal Year 2025.
RHb维持对该集团的买入评级，目标价为RM0.68，标志着潜在上涨30％，2025财年预期收益率约为5％。
The Home Affairs Ministry's announcement of a 10-year passport validity option, expected to be offered at a higher price, is projected to increase the group's revenue and profitability in the next 4-5 years. RHB's scenario analysis suggests that if the longer validity passports are introduced in 2025, a majority of Malaysians might opt for this option, despite the higher cost, due to the lower cost per year and reduced renewal hassle. This shift could result in a higher Average Selling Price (ASP) for passport booklets with extra pages.
内政部宣布10年的护照有效性选项，预计将在未来4-5年增加该集团的营业收入和盈利能力。RHB的情景分析表明，如果10年有效期的护照于2025年推出，尽管成本较高，由于每年更低的成本和更少的更新麻烦，大多数马来西亚人可能会选择这个选项。这种转变可能会导致额外页面的护照册的平均售价（ASP）更高。
The report detailed that while the immediate impact would be positive, with increased complexity and machinery wear and tear potentially raising costs, a significant reduction in passport renewal volume is expected from 2030-2034. The volume is predicted to normalise by 2035. RHB's analysis estimates that 80% of the annual 2-2.5 million passport volumes might opt for the 10-year validity, with potential Fiscal Year 2026 Forecast (FY26F) earnings changes ranging from -1.3% to +15.5%, and a target price range of RM0.46-RM0.66 based on 15-20x Price per Earnings (P/E).
报告详细说明，尽管即时影响将是积极的，但复杂性和机械磨损可能会增加成本，并预计护照更新量将在2030年至2034年期间显著减少。预计到2035年会恢复正常。RHB的分析估计，每年200-250万本的护照数量的80％可能会选择10年的有效期，预计Fiscal Year 2026 Forecast（FY26F）的收益变化范围在-1.3％至+ 15.5％之间，并且目标价范围为RM0.46-RM0.66，基于15-20倍市盈率（P / E）。
The change in government policy could disrupt DSON's earnings stability between 2030 and 2034 if it remains the vendor for Malaysia's passport solutions. However, the increased capital expenditure (capex) requirements and heightened risk premium due to volume uncertainty during the transition period might deter potential competitors. Consequently, RHB suggests that diversification of Datasonic's business exposure will be essential to cushion its profitability from 2030 onwards.
政府政策的改变可能会破坏DSON在2030年至2034年间的收益稳定性，如果它仍然是马来西亚护照解决方案的供应商。但是，由于转换期间成交量不确定性的增加，需要更高的资本支出（CAPEX）要求和风险溢价，这可能会阻止潜在的竞争对手。因此，RHb建议，自2030年起，Datasonic的业务多样化将是缓冲其盈利能力的关键。
RHB's target price for DSON remains at RM0.68, based on an unchanged 20x Fiscal Year 2025 Forecast.
RHB对DSON的目标价仍为RM0.68，基于20倍Fiscal Year 2025 Forecast不变。