UEM's RM2.7 Billion Unbilled Sales Provides Cushion For Future Revenue
UEM's RM2.7 Billion Unbilled Sales Provides Cushion For Future Revenue
UEM Sunrise Bhd (UEMS) reported a core net profit of RM16.9 million for 2Q24, a notable improvement of 143% quarter-on-quarter but a decline of 26% year-on-year. This brings the core net profit for the first half of 2024 to RM23.9 million, reflecting a 32% decrease from the previous year and falling short of expectations at 24% of Bloomberg consensus and 27% of internal forecasts.
UEM Sunrise Bhd（UEMS）報告了2Q24核心淨利潤1690萬令吉，環比增長了143%，但同比下降了26%。這使得2024年上半年的核心淨利潤達到2390萬令吉，同比下降了32%，低於彭博共識的24%和內部預測的27%。
In light of these results, analysts from CGS, RHB and Maybank have issued various recommendations. An analyst maintains a BUY call with a target price of RM1.60, highlighting a 61% potential upside. The firm expects stronger earnings in the second half of the year due to an increase in new launches and potential non-core asset sales. On the other hand, an analyst reiterates a REDUCE rating with a target price of RM0.75, reflecting concerns over UEMS's performance despite its strategic landbank and ongoing sales. Additionally, a third analyst has downgraded the stock to HOLD with a target price of RM1.00, citing weak earnings and limited upside potential.
鑑於這些結果，中國銀河、RHb和馬來亞銀行的分析師發表了各種建議。一位分析師維持買入評級，目標價爲1.60令吉，強調了61%的潛在上漲空間。該公司預計下半年收益將增強，因爲推出新產品和潛在非核心資產銷售的增加。另一位分析師重申了減持評級，目標價爲0.75令吉，儘管UEMS擁有戰略土地儲備和不斷增長的銷售，但對其業績表示擔憂。此外，第三位分析師將該股票降級爲持有，目標價爲1.00令吉，原因是營業收入疲軟，上漲空間有限。
The weaker-than-expected performance in 1H24 is attributed to a drop in revenue to RM430.2 million, down 29% year-on-year. This decline stems from lower contributions from the property development segment and a 28% fall in land sales compared to the previous year. The decrease in profit margins, as evidenced by a 2 percentage point drop in EBIT margin, further impacted the results.
1H24業績不及預期的原因是營業收入下降至43020萬令吉，同比下降了29%。這一下降源於房地產開發部門貢獻的減少以及土地銷售較上年下降28%。盈利率下降，EBIt利潤率下降了2個百分點，進一步影響了業績。
Despite these challenges, UEMS secured RM502.4 million in new property sales during 1H24. The company remains on track to achieve its full-year sales target of RM1.0 billion, although this target is lower compared to the previous year's RM2.1 billion, which included significant contributions from Collingwood in Melbourne. The firm is expected to benefit from upcoming launches and potential gains from land sales in East Ledang, Johor.
儘管面臨這些挑戰，UEMS在1H24新房銷售中獲得了50240萬令吉。公司仍在朝着實現10億令吉的全年銷售目標邁進，儘管與上年的21億令吉相比有所降低，其中包括墨爾本Collingwood的重要貢獻。該公司預計將從即將推出的項目和東Ledang, Johor的土地銷售中受益。
Looking ahead, UEMS's unbilled sales remain robust at RM2.7 billion, providing a cushion for future revenue. The company is also set to ramp up new project launches in the latter half of the year, with planned projects worth approximately RM430 million already underway. This includes high-demand properties such as Aspira LakeHomes and new developments in the southern region.
展望未來，UEMS未結賬銷售額仍保持在27億令吉左右，爲未來營收提供了一定的緩衝。公司還計劃在下半年加大新項目的推出力度，已經啓動的計劃項目價值約爲4.3億令吉。這包括Aspira LakeHomes等高需求物業和南部地區的新開發項目。