LBS Bina To Have Favourable Outlook Amid Weaker-Than-Expected 3Q24 Performance
LBS Bina To Have Favourable Outlook Amid Weaker-Than-Expected 3Q24 Performance
The group's new township development in Genting Highlands, the Rimbawan Township, launched in October 2024 with a gross development value (GDV) of RM9.5 billion, together with the first phase of Bayu Hills serviced apartments that boast a GDV of RM453 million and the ongoing developments such as KITA @ Cybersouth and Alam Perdana are expected to drive long-term growth for LBS.RHB Investment Bank Bhd (RHB Research) has upgraded LBS Bina Group Bhd to a BUY rating from NEUTRAL, setting a target price of 72 sen, implying a 32.9% upside and an approximately 9% yield for the financial year of 2024 (FY24). The upgrade comes despite LBS reporting a weaker-than-expected performance for its third quarter of 2024 (3Q24), as the house cited a favourable long-term outlook and the declaration of a special dividend as key factors behind the reassessment.
兴业银行投资银行有限公司（RhB Research）已将LBS Bina Group Bhd的评级从中性上调至买入，将目标价格定为72仙，这意味着2024财年（24财年）的上涨空间为32.9％，收益率约为9％。尽管LBS报告称，其2024年第三季度（24年第三季度）的表现低于预期，但仍进行了升级，因为众议院将良好的长期前景和宣布的特别股息列为重新评估背后的关键因素。
LBS Bina's 3Q24 revenue was impacted by the completion or near completion of several development projects. This led to a sequential and year-on-year (YoY) decline in earnings, with core profit dropping 21% quarter-on-quarter and 33% YoY after excluding a one-off gain of RM137 million from the sale of Lamdeal Investments Ltd, which owns a 60% stake in Zhuhai International Circuit (ZIC). Additionally, rising finance costs due to liability settlements added further pressure on earnings.
LBS Bina的24年第三季度收入受到多个开发项目完成或接近完成的影响。这导致收益连续下降，同比下降，核心利润同比下降21％，同比下降33％，其中不包括出售拥有珠海国际赛车场（ZIC）60％股份的Lamdeal Investments Ltd的13700万令吉的一次性收益。此外，负债结算导致的财务成本上涨进一步增加了收益压力。
Despite missing its RM1.8 billion sales target for FY24 due to delays in project launches caused by lengthy approval processes, the group managed to achieve property sales of RM1.2 billion as of November 2024, with RM217 million in bookings pending conversion. Unbilled sales stood at RM1.7 billion, providing a solid earnings buffer for the coming years.
尽管由于漫长的批准程序导致项目启动延迟，未能实现24财年1800令吉的销售目标，但截至2024年11月，该集团仍设法实现了12令吉的房地产销售额，还有21700万令吉的预订有待转换。未开票销售额为17令吉，为未来几年提供了稳健的收益缓冲。
The group's new township development in Genting Highlands, the Rimbawan Township, launched in October 2024 with a gross development value (GDV) of RM9.5 billion, together with the first phase of Bayu Hills serviced apartments that boast a GDV of RM453 million and the ongoing developments such as KITA @ Cybersouth and Alam Perdana are expected to drive long-term growth for LBS.
该集团在云顶高原的林巴湾镇的新城镇开发项目于2024年10月启动，总开发价值（GDV）为95令吉，加上总开发价值为45300万令吉的巴育山服务式公寓第一阶段以及KITA @ Cybersouth和Alam Perdana等正在进行的开发项目，预计将推动LBS的长期增长。
RHB Research noted that LBS has made commendable progress in cost management, evidenced by an improvement in EBIT margins for the first nine months of 2024 to 20.7% compared to 17.9% a year earlier. However, the challenging property market environment and delayed project launches prompted a downward revision of the FY24F-26F earnings forecasts by 10%, 4%, and 4%, respectively.
RhB Research指出，LBS在成本管理方面取得了值得称道的进展，2024年前九个月的息税前利润率从去年同期的17.9％提高至20.7％就证明了这一点。但是，充满挑战的房地产市场环境和延迟的项目启动促使 FY24F-26F 的收益预测分别下调了10％、4％和4％。
The revised target price of RM0.72 incorporates a 65% discount to the revised net asset value (RNAV) and includes a 2% premium for environmental, social, and governance (ESG) considerations. Key risks highlighted include a weaker-than-expected property market, delays in project rollouts, and rising competition within the industry.
修订后的目标价格为0.72令吉，包括修订后的净资产价值（RNAV）的65％折扣，并包括出于环境、社会和治理（ESG）考量的2％溢价。强调的主要风险包括房地产市场低于预期、项目推出延迟以及行业内部竞争加剧。