Is The Worse Over For Coraza?
Is The Worse Over For Coraza?
Coraza Integrated Technology (Coraza) has maintained its BUY rating despite a challenging first half of 2024. The company has set a revised target price (TP) of RM0.62, indicating a potential upside of 48.3% from its current price of RM0.42. This adjustment follows 1H24 results that missed expectations due to weaker-than-anticipated sales and margins. The stock has faced a year-to-date decline of 3.5% and a 12-month drop of 34.4%, but analysts suggest that the recent share price weakness may have already factored in these low expectations.
儘管2024年上半年面臨挑戰,但科拉扎集成科技(Coraza)仍維持其買入評級。該公司已將修訂後的目標價格(TP)設定爲0.62令吉,表明其當前價格0.42令吉的潛在上漲幅度爲48.3%。此次調整是在24年上半年的業績由於銷售額和利潤率低於預期而未達到預期之後進行的。該股今年迄今已下跌3.5%,12個月以來跌幅爲34.4%,但分析師認爲,最近的股價疲軟可能已經成爲這些低預期的原因。
Calls by analysts at RHB reflect a mixed but generally positive outlook. The house maintains a BUY rating with a new TP of RM0.62, up from RM0.68, citing a 49% upside potential. The firm expects stronger performance in the latter half of the year, driven by a recovery in demand for semiconductor equipment. This expectation is supported by Coraza's robust customer base and its role in the front-end semiconductor supply chain.
RhB分析師的電話反映了喜憂參半但總體上樂觀的前景。衆議院維持買入評級,新目標價爲0.62令吉,高於0.68令吉,理由是上漲潛力爲49%。該公司預計,受半導體設備需求復甦的推動,下半年業績將走強。這一期望得到了Coraza強大的客戶群及其在前端半導體供應鏈中的作用的支持。
The company reported core losses of RM1.7 million for 1H24, falling short of both analysts' and market forecasts. This negative deviation was due to slower sales and margin recovery. In particular, 1H24 sales dropped by 26% in both Malaysia and the US due to reduced orders, although sales in Singapore increased by 22% during the same period. Revenue for 1H24 declined by 15.7% year-on-year to RM41.5 million, affected by the semiconductor market downturn and order deferrals. Gross profit margins also fell by 6.6 percentage points to 13.1%, due to underutilisation and fixed cost absorption. However, 2Q24 revenue showed a 10.2% improvement quarter-on-quarter, reflecting a gradual recovery in the industry. The core loss for 2Q24 narrowed to RM0.3 million from RM1.4 million in 1Q24.
該公司報告稱,24年上半年的核心虧損爲170萬令吉,低於分析師和市場預期。這種負偏差是由於銷售放緩和利潤回升造成的。特別是,由於訂單減少,馬來西亞和美國的24年上半年的銷售額均下降了26%,儘管同期新加坡的銷售額增長了22%。受半導體市場低迷和訂單延期的影響,24年上半年的收入同比下降15.7%,至4150萬令吉。由於利用率不足和固定成本吸收,毛利率也下降了6.6個百分點至13.1%。但是,第二季度收入同比增長10.2%,反映了該行業的逐步復甦。24年第二季度的核心虧損從24年第一季度的140萬令吉縮小至3萬令吉。
Looking ahead, the outlook for Coraza is positive. RHB analysts anticipate a stronger performance in the second half of 2024, supported by the resumption of orders from key customers and a general recovery in semiconductor equipment demand. The Semiconductor Equipment and Materials International (SEMI) has raised its projections for FY24, forecasting growth in the front-end, test, and assembly & packaging equipment segments. Coraza is well-positioned to benefit from this rebound, particularly with its newly acquired plant undergoing upgrades expected to be completed by 4Q24. Increased order volumes from existing and new customers are likely to enhance margins through improved operational efficiencies and economies of scale.
展望未來,Coraza的前景樂觀。RhB分析師預計,在主要客戶恢復訂單和半導體設備需求普遍復甦的支持下,2024年下半年的表現將更強勁。半導體設備和材料國際(SEMI)提高了對24財年的預測,預測前端、測試、組裝和封裝設備領域的增長。Coraza完全有能力從這種反彈中受益,尤其是其新收購的工廠正在進行升級,預計將於24年第四季度完成。來自現有和新客戶的訂單量的增加可能會通過提高運營效率和規模經濟來提高利潤。
Despite lowering earnings forecasts for FY24F-26F due to the uneven recovery in 1H24, a more substantial recovery is expected in FY25. The revised target price of RM0.62 reflects these adjustments and maintains a 20x FY25F P/E ratio, including a 4% ESG discount.
儘管由於24財年上半年的復甦不均衡,降低了對 FY24F-26F 的收益預期,但預計25財年將出現更大幅度的復甦。修訂後的目標價格爲0.62令吉,反映了這些調整,並維持了20倍的 FY25F 市盈率,包括4%的ESG折扣。
Source: RHB
Title: Improving Outlook; Still BUY
資料來源:RHB
標題:前景改善;仍買入