YTL Power FY24 Earnings Bolstered By Water, Telco Divisions Delivering
YTL Power FY24 Earnings Bolstered By Water, Telco Divisions Delivering
YTL Power International Berhad (YTLPOWR) reported a robust performance for FY24, with its core profit reaching RM3.36 billion, in line with expectations, marking a 69% year-over-year increase. The company's revenue also saw a 2% rise, driven by higher revenues across all segments except PowerSeraya, which faced a 6% decline due to lower pool prices. Wessex Water and the telco unit showed significant improvements, with Wessex Water's revenue increasing by 22% following a tariff hike, and the telco unit's revenue growing by 29% due to construction revenue from the Sabah Point of Presence (PoP) project.
YTL Power International Berhad（YTLPOWR）报告称，FY24表现强劲，核心利润达到33.6亿马来西亚林吉特，符合预期，同比增长69%。公司营业收入也出现2%增长，除了PowerSeraya以外，所有业务部门均实现了收入增加，受到较低电力价格影响，PowerSeraya的收入下降了6%。 卫斯特克斯水务公司和电信部门的表现有显著改善，卫斯特克斯水务公司的营业收入因为调高水费而增长了22%，电信部门因为沙巴PoP项目的施工收入增加了29%。
Analysts from various broking house have upgraded YTLPOWR to an OUTPERFORM, BUY and ADD rating, reflecting the emergence of value due to recent price weakness. The target price has been adjusted to RM5.20, with an expected continuation of strong earnings in FY25, particularly from the data centre business, which is set to contribute more meaningfully starting from the second half of FY25. The company's 4QFY24 results were buoyed by a 33% quarter-over-quarter increase in core profit to RM925.4 million, largely due to the turnaround of Wessex Water and the telco unit. However, PowerSeraya's earnings continued to decline, dropping by 7% despite higher revenue.
各大券商的分析师已将YTLPOWR的评级提升至超越市场、买入和加码，因为最近的价格疲软使价值凸显出来。目标价已调整至5.20马来西亚林吉特，预计FY25的强劲盈利将继续，特别是数据中心业务，预计从FY25下半年开始将有更有意义的贡献。公司的4QFY24业绩得到了提振，核心利润同比增长33%，达到92540万马来西亚林吉特，这主要归功于卫斯特克斯水务公司和电信部门的扭亏为盈。不过，尽管收入增加，PowerSeraya的盈利继续下降了7%。
Year-over-year, YTLPOWR's FY24 revenue growth was supported by Wessex Water's tariff hike and new contracts in the non-household retail market, alongside the telco segment's construction revenue. The company's core profit jump of 69% was largely attributed to a 50% surge in PowerSeraya's earnings, bolstered by long-term favourable gas costs. The turnaround in Wessex Water and the telco unit also contributed to the profit growth in 4QFY24.
与去年同期相比，YTLPOWR的FY24营业收入增长受到卫斯特克斯水务公司水费调高以及非住户零售市场的新合同以及电信部门的施工收入的支持。公司核心利润增长69%主要归功于PowerSeraya的盈利增长50%，这主要受益于长期有利的燃料币成本。 卫斯特克斯水务公司和电信部门的扭亏为盈也对4QFY24的利润增长起到了推动作用。
The company declared a second interim dividend of 4.0 sen per share, totalling a full-year dividend of 7.0 sen, which exceeded projections. Moving forward, YTLPOWR's outlook remains positive, with ongoing developments in its data centre and digital banking ventures expected to drive long-term growth. Despite a reduction in the sum-of-parts-based target price to RM5.20, YTLPOWR's diversified global assets and favourable gas inventory continue to underpin its earnings stability.
公司宣布每股第二次临时股息为4.0仙，全年股息为7.0仙，超出预期。展望未来，YTLPOWR的前景仍然积极，其数据中心和数字银行业务的持续发展预计将推动长期增长。尽管基于零部件价值的目标价下调至5.20马来西亚林吉特，YTLPOWR的多元化全球资产和有利的燃料币库存仍然支撑其盈利稳定性。
Sources: Kenanga, CGS, Maybank, MIDF, RHB
Titles: Value Emerges; Upgrade to OP, A good ending to a record year, Commendable delivery, Surprise from Wessex and Telco Business, A Solid Landing; Keep BUY
来源：肯纳加，中国银河，马来银行，明昌，RHB
标题：价值出现；升级至OP，记录年终好局，交付值得称赞，韦塞克斯和电信业务的意外惊喜，稳健落地；继续买入