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Sarawak Oil Palms, The Undervalued Performer
Sarawak Oil Palms, The Undervalued Performer
Sarawak Oil Palms Berhad (SOP) posted a strong performance in its second quarter of 2024, with core profit after tax and minority interest (PATMI) surpassing expectations. The company's earnings were bolstered by improved average selling prices (ASP) and increased fresh fruit bunch (FFB) production, while lower unit costs further contributed to the positive results. Despite this strong performance, analysts anticipate a softer second half of the year due to expected lower ASPs and higher costs. SOP is currently valued attractively at 4.4 times its FY24 estimated price-to-earnings ratio (PER) after excluding its net cash position.
Maybank and RHB broking houses have maintained a positive outlook on SOP, with recommendations to BUY. Analysts from different banks have adjusted their target prices upward, reflecting their confidence in the company's prospects. A higher target price of RM4.10 was set, representing a 49% potential upside. Another analyst increased its target price to RM3.60, predicting a 28% return. The company's earnings for the first half of 2024 have already met a significant portion of full-year forecasts, supporting the optimism for its future performance.
For the second quarter of 2024, SOP's core PATMI reached RM104 million, marking a 133% year-on-year increase and a 34% rise quarter-on-quarter. This brought the company's core PATMI for the first half of the year to RM181 million, almost doubling the figures from the same period last year. The earnings growth was driven by a combination of higher FFB output, which increased by 11% year-on-year, and a 5% year-on-year increase in palm oil products' ASP. Additionally, the company managed to reduce its all-in operating cost of production to RM1,980 per tonne, a 28% decrease from the previous year.
SOP's downstream segment also showed improvement, with management guiding that the segment remained profitable in the second quarter, and expectations are set for continued positive performance throughout the year. The company's second refinery, which produces higher quality oils, is expected to sustain this trend, despite competitive pressures from Indonesian players with advantageous tax structures. SOP's refining utilisation rate is projected to remain robust at 75%.
Looking ahead, SOP's production outlook remains solid, with a projected full-year FFB output growth of 8%, adjusted slightly upward from previous estimates. Despite potential weather-related challenges, the company's fertiliser application is expected to stay on track, which should help maintain lower unit costs. SOP also declared an interim dividend of 4 sen per share, representing a 19% payout ratio, underlining its strong cash position and commitment to returning value to shareholders.
Source: Maybank, RHB
Title: Another sequential beat, Undervalued Performer; Maintain BUY
Sarawak Oil Palms Berhad (SOP)2024年第二季度业绩强劲,税后和少数股东权益后核心利润(PATMI)超出预期。平均销售价格(ASP)的提高和新鲜水果束(FFB)产量的增加提振了该公司的收益,而较低的单位成本进一步推动了积极的业绩。尽管表现强劲,但分析师预计,由于预计ASP下降和成本上涨,下半年业绩将更加疲软。扣除净现金状况后,SOP目前的估值为24财年估计市盈率(PER)的4.4倍,极具吸引力。
马来亚银行和印度卢比经纪行对SOP保持乐观展望,建议买入。来自不同银行的分析师向上调整了目标价格,这反映了他们对公司前景的信心。设定了更高的目标价为4.10令吉,这意味着49%的潜在上涨空间。另一位分析师将其目标价格上调至3.60令吉,预计回报率为28%。该公司2024年上半年的收益已经达到全年预期的很大一部分,这支持了对其未来业绩的乐观情绪。
2024年第二季度,SOP的核心PATMI达到10400万令吉,同比增长133%,同比增长34%。这使该公司上半年的核心PATMI达到181万令吉,几乎是去年同期的两倍。收益增长是由FfB产量的增加(同比增长11%)和棕榈油产品的ASP同比增长5%共同推动的。此外,该公司设法将其总运营成本降低至每吨1,980令吉,比上年下降了28%。
SOP的下游板块也有所改善,管理层指导该细分市场在第二季度保持盈利,预计全年将持续保持积极表现。尽管拥有有利税收结构的印度尼西亚参与者施加了竞争压力,但该公司的第二家炼油厂生产更高质量的石油,预计仍将保持这一趋势。预计SOP的炼油利用率将保持在75%的强劲水平。
展望未来,SOP的产量前景依然稳健,预计全年FfB产出增长8%,较先前的估计略有上调。尽管存在与天气相关的潜在挑战,但该公司的化肥应用预计将步入正轨,这将有助于保持较低的单位成本。SOP还宣布派发每股4仙的中期股息,派息率为19%,这突显了其强劲的现金状况和对股东回报价值的承诺。
资料来源:马来亚银行、RHB
标题:又一次连续上涨,表现被低估;维持买入
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Moomoo Securities Australia Limited提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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