Ranhill Could See Strong Earnings Flow From Johor
Ranhill Could See Strong Earnings Flow From Johor
Ranhill Utilities reported a net profit of RM23.6m in 3QFY24, which brought its 9MFY24 bottom line to RM39.1m, an improvement of +17.0%yoy, attributable to higher demand for electricity and lower maintenance cost from the group's power division. MIDF Investment Bank said the core earnings were within estimates, making up 71.1% of its full-year estimate but missed consensus at 65.5%.
兰希尔公用事业公司报告称,3QFY24 的净利润为2360万令吉,这使其 9MFY24 的利润达到3910万令吉,同比增长17.0%,这要归因于该集团电力部门的电力需求增加和维护成本的降低。MIDF投资银行表示,核心收益在预期之内,占其全年预期的71.1%,但未达到共识,为65.5%。
Group revenue rose +1.7%yoy to RM1.75b in 9MFY24, attributable to stronger recognition of water revenue by Ranhill SAJ on
the back of the domestic water tariff hike in Feb-24. Despite that, the water segment PAT declined -17.8%yoy during the period due to higher amortisation on services concession assets, being the first year of operating period 6 (OP6). Meanwhile, the group's power segment grew +11.1%yoy to RM91.0m during the quarter, mainly from higher demand for energy from Sabah Electricity and higher energy payment fuel of gas and diesel due to a 10-day gas curtailment compared to 8 days in the
same quarter last year in Ranhill Sabah Energy II Sdn Bhd.
9MFY24 期间,集团收入同比增长1.7%,至17.5令吉,这要归因于Ranhill SAJ对水收入的认可度加强
这是2月24日国内水费上调的背景。尽管如此,水务板块PaT在此期间同比下降了-17.8%,这是第6运营期(OP6)的第一年,这是服务特许资产的摊销额增加。同时,该集团的电力板块在本季度同比增长了11.1%,达到9100万令吉,这主要是由于沙巴电力对能源的需求增加,以及天然气和柴油的能源支付燃料的增加,而天然气和柴油的能源支付燃料比去年同期减少了8天
去年同期在兰希尔沙巴能源二期私人有限公司。
Ranhill SAJ will continue to contribute strongly to the group's earnings in the coming quarters due to the domestic water tariff hike, on top of stronger demand from the nondomestic consumers mainly due to the growth of data centres in Johor and the upcoming economic growth prospects from the Johor-Singapore SEZ and Special Financial Zone.
由于国内水费上调,Ranhill SAJ将继续为集团未来几个季度的收益做出强劲贡献,此外非国内消费者的需求更强劲,这主要是由于柔佛州数据中心的增长以及柔佛-新加坡经济特区和特别金融区即将到来的经济增长前景。
The group also indicated its interest in participating in the recently announced Corporate Renewable Energy Supply Scheme (CRESS) that will allow RE power producers such as Ranhill to sell electricity through the grid via a third-party access (TPA).
Change in FYE. The group's financial year end to be changed from 31st December to 30th June, in order for it to be coterminous with the holding company YTL Power International. The next set of financial statements will be made over a period of 18 months from Jan-24 to Jun-25.
该集团还表示有兴趣参与最近宣布的企业可再生能源供应计划(CRESS),该计划将允许Ranhill等可再生能源生产商通过第三方接入(TPA)通过电网出售电力。
FYE 的变化。该集团的财政年度结束时间将从12月31日改为6月30日,以便与控股公司YTL Power International同在。下一组财务报表将在1月24日至6月25日的18个月内编制。
The investment house is maintaining its earnings estimate forecast adding that the results were within expectations. MIDF recommends its SELL call and TP of RM1.07. While the entry of a strong controlling shareholder in YTL Power is one that could yield synergistic benefits due to its expertise in the water sector, the investment house views that the strong run-up in Ranhill's share price since Apr-24 values it at a stretched 29.8x FY25F PER as compared to a historical mean of 20x and a compressed dividend yield of only 2.4%. The house believes this presents an opportunity for investors to take profit
该投资机构维持其收益估计预测,并补充说,业绩在预期之内。MIDF建议其卖出看涨期权和目标价为1.07令吉。尽管由于YTL Power在水务领域的专业知识,强劲控股股东的加入可能会产生协同效益,但该投资机构认为,兰希尔股价自4月24日以来的强劲上涨使其估值为29.8倍 FY25F 市盈率,而历史平均水平为20倍,压缩股息收益率仅为2.4%。众议院认为,这为投资者提供了获利的机会