Despite Loss At Phospate Plant, Cahya Mata Looks Well Back On Track
Despite Loss At Phospate Plant, Cahya Mata Looks Well Back On Track
In terms of its phosphate operations, CMS faces delays in arbitration hearings with SESCO, which have been rescheduled to May 2025 from August 2024. The phosphate operation recorded a loss before tax of RM40 million in 1H24 due to preparation costs for commercialisation and a RM16 million write-down of inventories. The earnings forecast for FY24E has conservatively accounted for a RM108 million loss for this segment.Cahya Mata Sarawak (CMS MK) continues to track positively towards increased earnings delivery, supported by strong performance in its cement and Oiltools divisions. The company maintains a BUY call with an unchanged target price of RM1.60, based on a valuation of 10x FY25E PER, which reflects a price-to-book ratio of 0.4x and aligns with the company's RNAV per share estimate of RM3.38 as cited by Maybank Stock Broking House.
Cahya Mata Sarawak (CMS MK)在其水泥和Oiltools部門的強勁表現支持下，繼續保持增長態勢。公司維持對其的買入評級，目標價持平於RM1.60，基於FY25E PER的10倍估值，反映了0.4倍的市淨率，並與馬來亞銀行證券經紀公司提供的每股淨資產（RNAV）估算值RM3.38相一致。
CMS's cement division has shown resilience despite a challenging first half of the year. Cement volume sales were relatively flat quarter-on-quarter in 2Q24 due to adverse weather conditions affecting construction activities in Sarawak. For the first half of 2024, volume was down 4-6% year-on-year. However, the division's profit before tax margin expanded by 4.8 percentage points year-on-year to 23.6%, driven by reduced clinker costs and improved operational efficiencies. The recovery of the Malaysian Ringgit is expected to further support margins, with the company focusing on enhancing operational, logistics, and distribution efficiencies.
儘管2024年上半年面臨挑戰，CMS的水泥部門表現出了堅韌性。由於不利的天氣條件影響了砂拉越的施工活動，2Q24的水泥產品銷量較上一季度基本持平。2024年上半年，銷量同比下降4-6%。然而，該部門的稅前利潤率同比擴大了4.8個百分點，達到23.6%，這得益於降低的熟料成本和改善的運營效率。隨着馬來西亞令吉的回穩，預計將進一步提高利潤率，公司將着重提高運營、物流和分銷效率。
The Oiltools segment has shown notable strength, with its order book reaching approximately RM0.5 billion by the end of June 2024. Active tenders are anticipated to boost the order book further. Oiltools reported a 12% increase in topline revenue and a significant 73% growth in profit before tax in 1H24, with a PBT margin of 18.1%. This performance has made Oiltools the second-largest contributor to the group's PBT, contributing 26% in 1H24. With the current year's PBT already at RM28 million, FY24E PBT is expected to exceed the RM29 million recorded in FY23.
Oiltools部門展現出明顯的實力，截至2024年6月底，其訂單金額已達到約5億馬幣。預計未來還有活躍的投標將進一步推動訂單簿增加。1H24銷售額同比增長12%，稅前利潤增長73%，稅前利潤率爲18.1%。該業績使得Oiltools成爲集團稅前利潤的第二大貢獻者，貢獻了1H24的26%。隨着目前年度的稅前利潤已達到2800萬馬幣，預計FY24E的稅前利潤將超過FY23的2900萬馬幣。
In terms of its phosphate operations, CMS faces delays in arbitration hearings with SESCO, which have been rescheduled to May 2025 from August 2024. The phosphate operation recorded a loss before tax of RM40 million in 1H24 due to preparation costs for commercialisation and a RM16 million write-down of inventories. The earnings forecast for FY24E has conservatively accounted for a RM108 million loss for this segment.
就磷酸鹽業務而言，CMS面臨與SESCO的仲裁聽證會推遲的問題，原定於2024年8月改爲2025年5月進行。由於商業化準備費用的準備和庫存的1600萬馬幣減值，磷酸鹽業務在1H24錄得了4000萬馬幣的稅前虧損。FY24E的盈利預測已謹慎考慮了該業務的10800萬馬幣虧損。
Despite the challenges, CMS's overall outlook remains robust, bolstered by strong performance in its core divisions and operational improvements. The company's current valuation remains attractive, and it is well-positioned to benefit from further recovery in its sectors. The BUY recommendation is reaffirmed, with the target price set at RM1.60, reflecting a 22% upside potential.
儘管存在挑戰，康哲藥業的整體前景仍然強勁，主營業務表現良好，並取得了運營改善。該公司目前的估值仍然具吸引力，並且在其行業進一步復甦中處於有利位置。買入建議得到重申，目標價設定爲RM1.60，反映了22%的上漲潛力。
