Guan Chong On Course For Record Year
Guan Chong On Course For Record Year
Despite these challenges, the company's Guan Chong Berhad (GCB) continues to demonstrate strong growth, with its year-on-year (YoY) earnings trajectory sustained through the first half of 2024 (1H24). The company reported record-high revenue of RM4.1 billion for 1H24, an 80.9% increase from the previous year. This translated into core earnings of RM159 million, reflecting a 207% YoY increase, which has already surpassed the figures for the entire financial year of 2023 (FY23).
Guan Chong Berhad (GCB)继续展现强劲增长势头，截至2024年上半年（1H24），其年同比收益增长持续。公司报告了1H24的创纪录营业收入为41亿马币，较去年同期增长80.9%。这转化为核心收益15900万马币，同比增长207%，已超过2023财年整体收益。
Analysts at RHB maintain a positive outlook on Guan Chong, reiterating a BUY call with a target price of RM5.10, representing a 52% upside from its current market price of RM3.35. The company's performance in 1H24 met 40% and 45% of the firm's and consensus estimates, respectively, with expectations of an even stronger second half of 2024 (2H24). Key growth catalysts include the ongoing expansions at its Ivory Coast plant and the growth of its industrial chocolate operations in the UK.
RHb的分析师对Guan Chong保持积极态度，重申对其的买入评级，目标价为5.10马币，相当于当前市价3.35马币的52%上涨。公司在1H24的表现分别达到了公司预期的40%和市场预期的45%，预计2024下半年将进一步表现强劲。主要的增长驱动因素包括象牙海岸工厂的持续扩建以及在英国的工业巧克力业务的增长。
Guan Chong's 2Q24 results further cement its position as a leading player in the cocoa processing industry. The company recorded core earnings of RM67 million in 2Q24, a 138% YoY increase, on the back of higher revenue of RM2.2 billion, up 91.6% YoY. However, there was a 27.2% quarter-on-quarter (QoQ) decline in earnings due to shipment delays and lower hedging gains, which affected production and sales tonnage.
Guan Chong在2Q24的业绩进一步巩固了其在可可加工行业中的领先地位。该公司在2Q24实现了6700万马币的核心收益，同比增长138%，营业收入为22亿马币，同比增长91.6%。然而，由于装运延误和对冲收益下降，导致生产和销售吨位受到影响，收益出现了27.2%的季度环比下降。
Despite these challenges, the company's EBITDA yield expanded YoY to RM1,545 per tonne, compared to RM873 per tonne in 2Q23, driven by higher average selling prices (ASP) of cocoa solids and favourable hedging positions. However, the EBITDA yield contracted from a high of RM2,000 per tonne in 1Q24 due to the aforementioned shipment delays and lower hedging gains. Additionally, Guan Chong's gearing ratio deteriorated to 1.71x from 1.53x in 1Q24, largely due to higher working capital needs stemming from port congestion and elevated bean costs.
尽管面临这些挑战，公司的每吨EBITDA产出同比增长至1545马币，较2Q23的873马币提高，这得益于可可固体分和有利的对冲位置的平均销售价格上涨。然而，由于前述装运延误和对冲收益下降，EBITDA产出从1Q24的每吨高达2000马币收缩。此外，由于港口拥堵和可可豆成本升高，Guan Chong的负债比率从1Q24的1.53倍下降至1.71倍。
Looking ahead, Guan Chong is on course for a record year in 2024, with expectations of continued strong demand for cocoa ingredients and historically high ASPs. However, the company faces some headwinds, including delays in bean deliveries due to ongoing port congestion, which could impact production efficiency and sales tonnage in the coming months.
展望未来，Guan Chong在2024年有望创下历史纪录，预计可可成分需求持续强劲，平均销售价格创历史新高。然而，公司面临一些不利因素，包括因持续港口拥堵而导致的可可豆交货延误，这可能影响未来几个月的生产效率和销售吨位。