Analysts Raise Keyfield FY24 Profit Outlook By 26% After Stellar 1H
Analysts Raise Keyfield FY24 Profit Outlook By 26% After Stellar 1H
Quarter-on-quarter, KEYFIELD's topline grew by 87%, reflecting seasonal peaks in vessel utilisation post-monsoon and increased DCR. Core profit rose by 131%, with operating costs increasing at a slower pace.Keyfield International (KEYFIELD) has delivered impressive results for the first half of FY24, surpassing expectations with record-breaking performance. The company achieved a core net profit of RM100.3 million, a significant 169% increase year-on-year, driven by higher charter rates, increased vessel utilisation, and a strong contribution from third-party vessels. This result represents 66.2% of our full-year forecast, reflecting robust operational performance.
Keyfield International (KEYFIELD)爲FY24上半年取得了出色的成績，表現創紀錄、超出預期。公司實現了核心淨利潤1億零30萬令吉，同比大幅增長169%，主要受更高的租船費率、增加的船舶利用率以及第三方船舶的強勁貢獻推動。該成績佔我們全年預測的66.2%，反映了強勁的經營業績。
Analysts have raised their FY24 and FY25 net profit forecasts by 26% and 4%, respectively, adjusting average DCR assumptions to RM120,300 for FY24 and RM130,300 for FY25, with OUTPERFORM call. The target price has been lifted by 4% to RM3.18, based on an 11x FY25 price-to-earnings ratio, reflecting the company's premium positioning due to its younger fleet and higher specifications.
分析師們將FY24和FY25的淨利潤預測分別提高了26%和4%，將平均DCR假設調整爲FY24的120,300馬幣和FY25的130,300馬幣，並給出了看漲的評級。基於FY25的11倍市盈率，目標價上調了4%至3.18馬幣，反映了該公司因擁有較年輕的艦隊和更高規格而處於較高的地位。
Revenue surged by 89% year-on-year, propelled by a 20% increase in daily charter rates (DCR) and a rise in vessel utilisation to 96.9% from 93.8% the previous year. The addition of third-party vessel revenue saw a dramatic 257% increase in charter days, driven by heightened demand for anchor handling tug & supply (AHTS) vessels following KEYFIELD's appointment as an AHTS panel contractor for Petronas in April 2024. The company also declared an interim dividend of RM0.03 per share, bringing the cumulative dividend to RM0.04.
營業收入同比激增89%，推動力來自日租賃費（DCR）增長20%和船舶利用率從上年的93.8%上升到96.9%。第三方船舶收入的增加，使得租船日數急劇增加257%，這是由於2024年4月KEYFIELD被寶利來委任爲錨處理牽引供給（AHTS）船隻的AHTS面板承包商，帶動了對AHTS船隻更高的需求。該公司還宣佈派息每股0.03馬幣，將累計派息提高至0.04馬幣。
Quarter-on-quarter, KEYFIELD's topline grew by 87%, reflecting seasonal peaks in vessel utilisation post-monsoon and increased DCR. Core profit rose by 131%, with operating costs increasing at a slower pace.
按季度計，KEYFIELD的收入增長了87%，反映了季風季節後船舶利用率的旺季和日租賃費率的增加。核心利潤增長了131%，運營成本的增長速度較慢。
The offshore provider is poised for continued growth as it enters the peak season for the offshore support vessel (OSV) market. The recent addition of the Keyfield Itqan and Keyfield Aulia to the fleet is expected to enhance income from the fourth quarter of FY24 onwards. The company's fleet expansion and continued high DCRs are expected to drive further earnings growth, with supply remaining tight and client demand increasing.
這個離岸供應商將在進入離岸支撐船（OSV）市場的高峰季節中繼續增長。最近加入的Keyfield Itqan和Keyfield Aulia預計將從FY24第四季度開始增加收入。該公司的艦隊擴張和持續高的日租賃費率預計將推動進一步的盈利增長，供應仍然緊張，客戶需求在增加。
