OM Holdings Could Gain From Better Steel ASP
OM Holdings Could Gain From Better Steel ASP
Looking ahead, analysts at Kenanga have revised production volume guidance for FY24, expecting an output of 460,000 to 490,000 metric tonnes per annum (MTPA), an increase from the previous estimate of 430,000 to 470,000 MTPA. This adjustment follows the successful completion of major maintenance on 14 out of 16 furnaces, with the remaining two FeSi furnaces scheduled for maintenance in 2025. Despite subdued demand from the steel sector, the ASP is expected to stabilise, as it has already surpassed the levels seen in 2HFY23.OM Holdings (OMH) has reported its 1HFY24 results, which came in line with expectations, as higher sales volume following the completion of a major maintenance cycle is anticipated to boost the topline in 2HFY24. Analysts at Kenanga Stock Broking House have maintained an OUTPERFORM call, reflecting confidence in the company's future performance despite challenges in the global steel sector.
Om控股（OMH）已经发布了其1HFY24的业绩报告，与预期相符，预计在一个重要维护周期结束后，更高的销售量将有望提振2HFY24的收入。马投资银行的分析师维持了OUTPERFORM的看涨评级，表明尽管全球钢铁板块面临挑战，但对公司未来业绩仍然充满信心。
For the first half of the financial year, OMH recorded a net profit of USD12.7 million, accounting for 43% and 45% of the house and street's full-year estimates, respectively. The company did not declare any dividends during this period. Year-on-year, revenue fell by 4% to USD308.4 million, primarily due to a 49% decrease in ore volumes traded and lower average selling prices (ASP). S&P Platts data indicated that the spot price for ferrosilicon (FeSi) dropped by 19%, while silicomanganese (SiMn) prices decreased by 2%. In contrast, raw material costs surged, resulting in a significant 33% decline in net profit.
在财政年度上半年，OMH的净利润为1270万美元，占该公司和街头的全年预期的43%和45%。公司在此期间未宣布任何分红派息。与去年同期相比，营业收入下降了4%，至30840万美元，主要是由于矿石成交量下降了49%，平均销售价格（ASP）也降低了。S&P Platts的数据显示，铁硅合金（FeSi）的现货价格下降了19%，而硅锰（SiMn）的价格下降了2%。相反，原材料成本飙升，导致净利润大幅下降33%。
On a half-year basis, OMH's revenue increased by 14% compared to USD269.5 million in 2HFY23, supported by a 22% rise in alloy sales and a higher realised ASP from SiMn. The spot price for SiMn saw a 14% increase, while FeSi prices dipped slightly by 4%. This growth allowed the company to recover from a small net loss of USD0.1 million in the previous half, achieving a net profit of USD12.7 million.
以半年为基础，OMH的营业收入同比增长了14%，达到了2HFY23的26950万美元，得益于合金销售的22%增长以及硅锰实现的平均销售价格的提高。SiMn的现货价格上涨了14%，而FeSi的价格略微下降了4%。这种增长使该公司从上半年的小额净亏损中恢复过来，实现了1270万美元的净利润。
Looking ahead, analysts at Kenanga have revised production volume guidance for FY24, expecting an output of 460,000 to 490,000 metric tonnes per annum (MTPA), an increase from the previous estimate of 430,000 to 470,000 MTPA. This adjustment follows the successful completion of major maintenance on 14 out of 16 furnaces, with the remaining two FeSi furnaces scheduled for maintenance in 2025. Despite subdued demand from the steel sector, the ASP is expected to stabilise, as it has already surpassed the levels seen in 2HFY23.
展望未来，马投资银行的分析师已调整了FY24的产量指导，预计每年产量将达到460,000至490,000公吨（MTPA），这比之前的预估430,000至470,000 MTPA有所增加。这一调整是维护了16个炉中的14个成功完成，剩下的两台FeSi炉预计于2025年进行维护。尽管钢铁板块需求疲软，但ASP有望稳定，因为已经超过了2HFY23的水平。
