Analysts Raise Keyfield FY24 Profit Outlook By 26% After Stellar 1H
Analysts Raise Keyfield FY24 Profit Outlook By 26% After Stellar 1H
Quarter-on-quarter, KEYFIELD's topline grew by 87%, reflecting seasonal peaks in vessel utilisation post-monsoon and increased DCR. Core profit rose by 131%, with operating costs increasing at a slower pace.Keyfield International (KEYFIELD) has delivered impressive results for the first half of FY24, surpassing expectations with record-breaking performance. The company achieved a core net profit of RM100.3 million, a significant 169% increase year-on-year, driven by higher charter rates, increased vessel utilisation, and a strong contribution from third-party vessels. This result represents 66.2% of our full-year forecast, reflecting robust operational performance.
Keyfield International (KEYFIELD)为FY24上半年取得了出色的成绩，表现创纪录、超出预期。公司实现了核心净利润1亿零30万令吉，同比大幅增长169%，主要受更高的租船费率、增加的船舶利用率以及第三方船舶的强劲贡献推动。该成绩占我们全年预测的66.2%，反映了强劲的经营业绩。
Analysts have raised their FY24 and FY25 net profit forecasts by 26% and 4%, respectively, adjusting average DCR assumptions to RM120,300 for FY24 and RM130,300 for FY25, with OUTPERFORM call. The target price has been lifted by 4% to RM3.18, based on an 11x FY25 price-to-earnings ratio, reflecting the company's premium positioning due to its younger fleet and higher specifications.
分析师们将FY24和FY25的净利润预测分别提高了26%和4%，将平均DCR假设调整为FY24的120,300马币和FY25的130,300马币，并给出了看涨的评级。基于FY25的11倍市盈率，目标价上调了4%至3.18马币，反映了该公司因拥有较年轻的舰队和更高规格而处于较高的地位。
Revenue surged by 89% year-on-year, propelled by a 20% increase in daily charter rates (DCR) and a rise in vessel utilisation to 96.9% from 93.8% the previous year. The addition of third-party vessel revenue saw a dramatic 257% increase in charter days, driven by heightened demand for anchor handling tug & supply (AHTS) vessels following KEYFIELD's appointment as an AHTS panel contractor for Petronas in April 2024. The company also declared an interim dividend of RM0.03 per share, bringing the cumulative dividend to RM0.04.
营业收入同比激增89%，推动力来自日租赁费（DCR）增长20%和船舶利用率从上年的93.8%上升到96.9%。第三方船舶收入的增加，使得租船日数急剧增加257%，这是由于2024年4月KEYFIELD被宝利来委任为锚处理牵引供给（AHTS）船只的AHTS面板承包商，带动了对AHTS船只更高的需求。该公司还宣布派息每股0.03马币，将累计派息提高至0.04马币。
Quarter-on-quarter, KEYFIELD's topline grew by 87%, reflecting seasonal peaks in vessel utilisation post-monsoon and increased DCR. Core profit rose by 131%, with operating costs increasing at a slower pace.
按季度计，KEYFIELD的收入增长了87%，反映了季风季节后船舶利用率的旺季和日租赁费率的增加。核心利润增长了131%，运营成本的增长速度较慢。
The offshore provider is poised for continued growth as it enters the peak season for the offshore support vessel (OSV) market. The recent addition of the Keyfield Itqan and Keyfield Aulia to the fleet is expected to enhance income from the fourth quarter of FY24 onwards. The company's fleet expansion and continued high DCRs are expected to drive further earnings growth, with supply remaining tight and client demand increasing.
这个离岸供应商将在进入离岸支撑船（OSV）市场的高峰季节中继续增长。最近加入的Keyfield Itqan和Keyfield Aulia预计将从FY24第四季度开始增加收入。该公司的舰队扩张和持续高的日租赁费率预计将推动进一步的盈利增长，供应仍然紧张，客户需求在增加。