Analyst Maintains Its Recommendation, Target Price For Taliworks
Analyst Maintains Its Recommendation, Target Price For Taliworks
The toll highways, particularly the Grand Saga and Grand Sepadu highways, saw a 3.1% and 1.8% growth in average daily traffic, respectively. Additionally, the toll compensation received from the government amounted to RM55.4 million for Grand Saga and RM38.7 million for Grand Sepadu, which significantly contributed to over 100% year-on-year EBIT growth for the toll division, as highlighted by RHB Research.RHB Investment Bank Bhd (RHB Research) has maintained its BUY recommendation and target price of 98 sen for Taliworks Corp Bhd after Taliworks' core profit of RM46.4 million for the first nine months of 2024 (9M24) was in line with the research house's expectations.
印度兴业投资银行有限公司（RhB Research）维持了Taliworks Corp Bhd的买入建议和98仙的目标价，此前Taliworks在2024年前九个月（9M24）的核心利润为4640万令吉，符合该研究机构的预期。
This figure accounts for 70% of the full-year forecast, supported by improved construction progress at the Sungai Rasau Water Treatment Plant (WTP) and a solid performance from the company's highway operations.
这一数字占全年预测的70％，这得益于双溪拉索水处理厂（WTP）施工进度的改善以及该公司公路运营的稳健表现。
The third quarter ended Sept 30, 2024's (3Q24), results showed a 16% year-on-year growth in core earnings, bolstered by a 21% increase in earnings before interest and tax (EBIT) from the water treatment and supply division. This was primarily driven by a tariff hike that raised the bulk water supply rate to 48 sen per cubic metre from 42 sen, according to RHB Research.
截至2024年9月30日的第三季度（24年第三季度），业绩显示核心收益同比增长16％，这得益于水处理和供应部门的息税前收益（EBIT）增长21％。根据RhB Research的数据，这主要是由关税上调推动的，该上调将散装水供应费率从42仙提高到每立方米48仙。
The toll highways, particularly the Grand Saga and Grand Sepadu highways, saw a 3.1% and 1.8% growth in average daily traffic, respectively. Additionally, the toll compensation received from the government amounted to RM55.4 million for Grand Saga and RM38.7 million for Grand Sepadu, which significantly contributed to over 100% year-on-year EBIT growth for the toll division, as highlighted by RHB Research.
收费高速公路，尤其是大萨加和大塞帕杜高速公路，平均每日交通量分别增长了3.1％和1.8％。此外，正如RhB Research所强调的那样，政府从政府那里获得的通行费补偿为Grand Sepadu的5540万令吉，Grand Sepadu的通行费补偿为3870万令吉，这为收费部门的息税前利润同比增长超过100％做出了重大贡献。
However, Taliworks faced some challenges in 3Q24, particularly in its waste management associate, which reported a widened loss of RM9.2 million due to higher provisions for receivables. Furthermore, its renewable energy division experienced an operating loss of RM10.5 million due to increased rehabilitation and maintenance costs, as well as the write-off of certain property and equipment.
但是，Taliworks在24年第三季度面临一些挑战，尤其是其废物管理子公司，该公司报告称，由于应收账款准备金增加，亏损扩大至920万令吉。此外，由于修复和维护成本的增加以及某些财产和设备的注销，其可再生能源部门的营业亏损为1050万令吉。
The construction arm also saw higher revenue recognition, particularly from the Sungai Rasau WTP project, although EBIT dropped 44% due to the completion of the Langat 2 project a year ago.
尽管由于一年前Langat 2项目的完成，息税前利润下降了44％，但该建筑部门的收入确认率也有所提高，尤其是来自双溪拉索水处理厂项目的收入。
Despite these mixed results, RHB Research has maintained its earnings estimates for Taliworks. The stock's valuation remains undemanding, trading at over two standard deviations below its five-year mean EV/EBITDA.
尽管业绩好坏参半，但RhB Research维持了对Taliworks的收益预期。该股的估值仍然不高，交易价格比其五年平均EV/EBITDA低两个标准差以上。
The company is expected to benefit from strategic water projects in Selangor, including the development of new water treatment plants, which could present further opportunities for its construction segment.
预计该公司将受益于雪兰莪州的战略水利项目，包括开发新的水处理厂，这可能会为其建筑领域带来更多机会。
