AEON Anticipates Stronger Retail Performance In 4Q24
AEON Anticipates Stronger Retail Performance In 4Q24
"The company's private-label products have shown promising growth, with sales rising over 30% year-on-year, although they still make up less than 5% of total retail sales.Both MIDF Amanah Investment Bank Bhd (MIDF Research) and Maybank Investment Bank Bhd (Maybank IB) have maintained their BUY call for $AEON (6599.MY)$ following a positive third quarter of 2024 (3Q24) briefing.
马来西亚金融发展投资银行（MIDF Research）和马来银行投资银行（Maybank IB）均维持了对$AEON(6599.MY)$的买入看涨。 $AEON (6599.MY)$ 在2024年第三季度（3Q24）的积极简报之后。
Both research houses have also maintained AEON's target price (TP) at RM1.67 and RM1.95 with MIDF Research's TP based on a price-earnings ratio (PER) of 15.5 times pegging to FY25F earnings per share of 10.8sen while Maybank IB's TP is based on 17 times FY25E PER and long-term mean.
两家研究机构还将AEON的目标价维持在RM1.67和RM1.95，MIDF Research的目标价基于市盈率（PER）15.5倍，基于FY25F每股收益10.8仙，而Maybank IB的目标价则基于FY25E PER的17倍以及长期均值。
Despite facing softer demand in discretionary categories due to inflationary pressures, MIDF Research said the company continues to perform well, particularly within its food line segment, which contributed 55.7% of year-to-date sales.
尽管由于通胀压力，非必需品的需求有所减弱，MIDF Research表示，该公司在其食品线业务中表现良好，贡献了年初至今销售的55.7%。
"The company's private-label products have shown promising growth, with sales rising over 30% year-on-year, although they still make up less than 5% of total retail sales.
“公司的自有品牌产品显示出良好的增长，销量同比增长超过30%，尽管它们仍占零售总销售额的不到5%。
"Additionally, AEON plans to expand its private-label offerings by increasing stock-keeping units. On the property management side, AEON's malls recorded an impressive occupancy rate of 95.1% in 9M24, boosted by mall rejuvenations and a well-optimised tenant mix," MIDF Research said in a note, adding that AEON remains committed to renewing tenant agreements, having already renewed 65% of agreements by 3Q24, with a target of 90% for the full year.
“此外，AEON计划通过增加库存单位来扩大其自有品牌产品的种类。在物业管理方面，AEON的购物中心在2024年前三季度（9M24）录得95.1%的出租率，这得益于购物中心的改造和优化的租户组合，”MIDF Research在一份报告中表示，并补充说AEON仍致力于续签租户协议，截至2024年第三季度已有65%的协议被续签，目标是全年达到90%。
At the same time, MIDF Research shared that AEON will also continue its focus on sustainability initiatives, including solar panel installations across 11 malls, which are expected to reduce utility costs by 5%-7%.
同时，MIDF Research还分享了AEON将继续关注可持续发展计划，包括在11个购物中心安装太阳能面板，预计将减少5%-7%的公用事业费用。
"The company has also expanded its electric vehicle charging infrastructure and waste management systems.
公司还扩大了其电动汽车充电基础设施和废物管理系统。
"Furthermore, AEON anticipates minimal impact from Malaysia's planned minimum wage hike to RM1,700, estimating that it will affect less than 1% of total operating expenses (opex)," the research house said.
此外，AEON预计马来西亚计划将最低工资提高至RM1,700的影响将很小，研究机构估计这将影响不到1%的总营业费用（opex）。
Commenting further on the minimum wage, Maybank IB said the impact of the minimum wage increase (effective Feb 1, 2025) on AEON's opex will also be minimal as foreign workers make up less than 5% of its total workforce.
梅花银行进一步评论说，最低工资的提高（自2025年2月1日起生效）对AEON的营业费用影响也将很小，因为外籍工人只占其总劳动力的不到5%。
Looking ahead, AEON is optimistic about the retail outlook, supported by a stable job market, government initiatives and strong consumer spending.
展望未来，AEON对零售前景持乐观态度，得益于稳定的就业市场、政府举措和强劲的消费支出。
The company's focus on expanding private-label products, enhancing digital capabilities and developing AEON Living Zones is expected to drive further customer engagement and loyalty.
公司专注于扩大自有品牌产品、提升数字能力和开发AEON生活区，预计将进一步推动客户参与和忠诚度。
With the Lunar New Year season approaching, AEON anticipates a stronger retail performance in 4Q24.
随着农历新年即将到来，AEON预计在2024年第4季度零售表现将更强劲。
