Pintaras Jaya Digs Into Losses
Pintaras Jaya Digs Into Losses
Pintaras Jaya Bhd (Pintaras Jaya) reported a net loss of RM5.1 million for the fourth quarter of fiscal year 2024 (4QFY24), contributing to a full-year net loss of RM5 million. This result is a significant deviation from the anticipated net profit of RM1.5 million for FY24, primarily due to continued losses in its Malaysian construction operations. The company also faced reduced profits from its Singapore operations.
Pintaras Jaya Bhd(Pintaras Jaya)報告稱,2024財年第四季度(4QFY24)的淨虧損爲51萬令吉,全年淨虧損爲500萬令吉。這一結果與24財年預期的1.5萬令吉淨利潤大相徑庭,這主要是由於其馬來西亞建築業務持續虧損。該公司還面臨新加坡業務利潤減少的問題。
Analysts have responded to the shortfall by lowering their profit forecasts for FY25 and FY26 by RM5 million each, while introducing estimates for FY27. The target price (TP) has been adjusted to RM1.64, down by 6 sen, based on an unchanged price-to-book ratio of 0.7x, reflecting a -1.5 standard deviation from the long-term mean and rolling forward FY25 estimates. Despite the negative outlook, the HOLD rating remains unchanged.
分析師對短缺做出了回應,將25財年和26財年的利潤預期分別下調了500萬令吉,同時推出了對27財年的估計。目標價格(TP)已調整至1.64令吉,下跌6仙,基準價保持在0.7倍不變,與長期平均值和向前滾動的25財年估計值相比爲-1.5標準差。儘管前景不佳,但HOLD評級保持不變。
The loss in 4QFY24 and the full fiscal year stemmed from ongoing issues in Malaysian construction, where losses before tax widened to RM20 million from RM5 million in FY23. This decline is attributed to lower activity levels in Malaysia and reduced rates for newly secured contracts in Singapore. Additionally, a RM15.4 million provision for liquidated damages for late project deliveries in Malaysia exacerbated the financial strain. For the fiscal year, the construction losses in Malaysia exceeded the profits generated from Singapore operations.
4QFY24 和整個財政年度的虧損源於馬來西亞建築業持續存在的問題,其稅前虧損從23財年的500萬令吉擴大至2000萬令吉。這種下降歸因於馬來西亞的活動水平下降以及新加坡新籤合同的費率降低。此外,馬來西亞爲延遲交付的項目提供154萬令吉的違約賠償金,這加劇了財務壓力。在本財政年度,馬來西亞的建築損失超過了新加坡業務產生的利潤。
Looking ahead, Pintaras Jaya is more optimistic about its prospects for 2025. Management has noted excess capacity in Malaysia relative to demand for piling services, leading to generally depressed tender prices. To address this, the company has temporarily redirected some capacity to Singapore, where construction activities have increased in the current fiscal year. Management anticipates an improvement in Malaysian operations by 2025 and is hopeful for a better performance based on current tender activities.
展望未來,Pintaras Jaya對其2025年的前景更加樂觀。管理層注意到,相對於打樁服務的需求,馬來西亞產能過剩,導致投標價格普遍低迷。爲了解決這個問題,該公司暫時將部分產能轉移到新加坡,新加坡的建築活動在本財年有所增加。管理層預計,到2025年,馬來西亞的業務將有所改善,並希望根據目前的招標活動取得更好的業績。
Source: Maybank
Title: Shortfall
來源:馬來亞銀行
標題:短缺