Consumer Habit Change Drives F&N's Earnings Prospects
Consumer Habit Change Drives F&N's Earnings Prospects
Fraser & Neave Holdings Berhad (F&N) showed resilience amidst a soft consumer market, with a notable increase in profit margins and revenue growth, according to reports by Kenanga Investment Bank (Kenanga) and MIDF Amanah Investment Bank (MIDF). The company's 9MFY24 results met expectations, driven by a favourable product mix, lower input costs, and enhanced efficiency.
根据肯纳加投资银行和马来亚银行的报告,弱势消费市场中,Fraser & Neave Holdings Berhad (F&N)表现抗压,利润率和营业收入增长显著,产品组合得益于有利的因素,原材料成本降低,提高了效率。公司的9MFY24结果符合预期。
MIDF maintained a BUY rating with an unchanged target price of RM37.00, citing better profit margins and rising revenue despite export risks and higher tax expenses.
马来亚银行保持买入评级,目标价为RM37.00,认为利润率和收入增长表现良好,并推荐关注出口风险和税费增加的影响。
Kenanga reiterated an OUTPERFORM call with a target price of RM38.25, highlighting the robust performance and continued benefits from consumer preference for Asian brands.
肯纳加银行重申跑赢市场的看涨叫价,目标价为RM38.25,并强调出色的业绩及消费者对亚洲品牌的持续关注。
F&N's 9MFY24 core net profit rose 30% year-over-year (YoY) to RM454 million, aligning with forecasts from both banks. The revenue grew by 6% YoY, boosted by higher sales in Malaysia and Thailand, despite seasonal declines and increased input costs in the third quarter. Both investment banks noted the impact of the Board of Investment (BOI) incentive expiration on future tax expenses, with MIDF projecting a slight earnings adjustment.
F&N的9MFY24核心净利润同比增长30%至RM45400万,符合两家银行的预期。营业收入同比增长6%,主要因马来西亚和泰国销售增长和第三季度销售季节性下降及原材料成本增加的影响。两家投资银行均注意到投资激励到期对未来税费支出的影响,并且马来亚银行预测将有轻微的盈利调整。
Kenanga's analysis indicated that F&N might continue benefiting from the return of tourists to Malaysia and Thailand, alongside a focus on high-growth Halal packaged food and dairy products. The streamlining of manufacturing facilities for Sri Nona and Cocoaland is expected to enhance efficiency and profitability. MIDF highlighted positive developments, such as increased out-of-home beverage consumption and the completion of the first phase of F&N's integrated dairy farm in Gemas, Negeri Sembilan by early CY25, which aims to cater to the underserved fresh milk market in Malaysia.
肯纳加银行的分析指出,F&N可能会继续从游客返来的马来西亚和泰国市场中获益,并专注于高增长的清真包装食品和乳制品。实施斯里·诺娜和科科兰制造工厂的优化预计将提高效率和盈利能力。马来亚银行强调积极的发展,如在家庭外饮料消费的增加和F&N在森美兰州Gemas综合乳品农场第一期的完成,旨在满足马来西亚未开发的新鲜牛奶市场需求等。
Both investment banks emphasised the stable demand for F&N's essential food items, which provides earnings defensiveness amid high inflation and uncertain global economic outlooks. The rising popularity of ready-to-drink products and strategic positioning to leverage increased domestic consumption and tourist returns were also noted as key growth drivers. F&N's earnings are projected to benefit from lower raw material input costs and consumer preferences shifting towards local brands.
两家投资银行强调,F&N的基本食品需求保持稳定,即使在通货膨胀率高涨和全球经济前景不明朗的情况下,也可以提供收益上升的保障。方便饮品的不断增长和战略定位以利用国内消费和游客回归,也被认为是关键的增长驱动因素。F&N的盈利预计将从降低原材料成本和消费者转向本地品牌中受益。
The target prices were supported by consistent valuation metrics, with Kenanga maintaining an unchanged 22x FY25F Price per Earnings (P/E) ratio, reflecting industry averages. MIDF's target price was based on a 20.6x P/E ratio for the revised EPS25 of 179.9 sen, factoring in the end of tax incentives.
这些研究的目标价是有一致的估值指标支撑的。肯纳加银行继续维持FY25F每股收益(P/E)比率22倍不变。马来亚银行的目标价基于修订后的每股收益25的20.6倍P/E比率为179.9仙,考虑到税收激励的结束。