Datasonic Could See Earnings Surge With 10-Year Passport Implementation
Datasonic Could See Earnings Surge With 10-Year Passport Implementation
Datasonic Group could anticipate a surge in revenue and profitability due to the implementation of an optional 10-year passport validity, according to a report by RHB Investment Bank.
根據大華投資銀行的一份報告，Datasonic Group 可以預期實施可選的10年護照有效期，從而預料到收入和盈利將會激增。
RHB has maintained a BUY rating on the group with a target price of RM0.68, indicating a potential upside of 30% and a forecast yield of approximately 5% for the Fiscal Year 2025.
RHb維持對該集團的買入評級，目標價爲RM0.68，標誌着潛在上漲30％，2025財年預期收益率約爲5％。
The Home Affairs Ministry's announcement of a 10-year passport validity option, expected to be offered at a higher price, is projected to increase the group's revenue and profitability in the next 4-5 years. RHB's scenario analysis suggests that if the longer validity passports are introduced in 2025, a majority of Malaysians might opt for this option, despite the higher cost, due to the lower cost per year and reduced renewal hassle. This shift could result in a higher Average Selling Price (ASP) for passport booklets with extra pages.
內政部宣佈10年的護照有效性選項，預計將在未來4-5年增加該集團的營業收入和盈利能力。RHB的情景分析表明，如果10年有效期的護照於2025年推出，儘管成本較高，由於每年更低的成本和更少的更新麻煩，大多數馬來西亞人可能會選擇這個選項。這種轉變可能會導致額外頁面的護照冊的平均售價（ASP）更高。
The report detailed that while the immediate impact would be positive, with increased complexity and machinery wear and tear potentially raising costs, a significant reduction in passport renewal volume is expected from 2030-2034. The volume is predicted to normalise by 2035. RHB's analysis estimates that 80% of the annual 2-2.5 million passport volumes might opt for the 10-year validity, with potential Fiscal Year 2026 Forecast (FY26F) earnings changes ranging from -1.3% to +15.5%, and a target price range of RM0.46-RM0.66 based on 15-20x Price per Earnings (P/E).
報告詳細說明，儘管即時影響將是積極的，但複雜性和機械磨損可能會增加成本，並預計護照更新量將在2030年至2034年期間顯著減少。預計到2035年會恢復正常。RHB的分析估計，每年200-250萬本的護照數量的80％可能會選擇10年的有效期，預計Fiscal Year 2026 Forecast（FY26F）的收益變化範圍在-1.3％至+ 15.5％之間，並且目標價範圍爲RM0.46-RM0.66，基於15-20倍市盈率（P / E）。
The change in government policy could disrupt DSON's earnings stability between 2030 and 2034 if it remains the vendor for Malaysia's passport solutions. However, the increased capital expenditure (capex) requirements and heightened risk premium due to volume uncertainty during the transition period might deter potential competitors. Consequently, RHB suggests that diversification of Datasonic's business exposure will be essential to cushion its profitability from 2030 onwards.
政府政策的改變可能會破壞DSON在2030年至2034年間的收益穩定性，如果它仍然是馬來西亞護照解決方案的供應商。但是，由於轉換期間成交量不確定性的增加，需要更高的資本支出（CAPEX）要求和風險溢價，這可能會阻止潛在的競爭對手。因此，RHb建議，自2030年起，Datasonic的業務多樣化將是緩衝其盈利能力的關鍵。
RHB's target price for DSON remains at RM0.68, based on an unchanged 20x Fiscal Year 2025 Forecast.
RHB對DSON的目標價仍爲RM0.68，基於20倍Fiscal Year 2025 Forecast不變。