Tasco Results Fell Short, Analysts Take On Wait And See Approach
Tasco Results Fell Short, Analysts Take On Wait And See Approach
Maintain BUY. The house is maintaining its earnings estimates for now, awaiting further guidance from the results briefing. Target price is being kept at RM1.20 (based on 14x FY25F EPS). The stock is trading at8.8x FY25F EPS, which is -1.0SD of its 5-year historical mean. Key downside risks include: (i) the loss of a major customer, (ii) fluctuations in freight rates, and (iii) a decline in trade activity.Tasco Berhad (Tasco) announced a core PATAMI of RM13.4m for 2QFY25, raising the total for 1HFY25 to RM24.7m, which
accounts for 38% of our full-year estimates. MIDF said it considers this to be below expectations due to the weaker-than-expected performance of its domestic business.
Tasco Berhad（Tasco）宣佈，2QFY25 的核心PATAMI爲1340萬令吉，將 1HFY25 的總額提高到2470萬令吉，
佔我們全年估計值的38％。MIDF表示，由於其國內業務表現低於預期，它認爲這低於預期。
Revenue saw an increase (+8.1%yoy) compared to 2QFY24, mainly driven by a boost in air and ocean freight shipments. This helped counterbalance the weakness in the contract logistics division (- 22.3%yoy), which was likely affected by decreased shipments from a major solar panel customer impacted by U.S. sanctions. The cold supply chain (CSC) division (-7.4%yoy) also experienced weaker revenue due to the ongoing Israel boycott. As expected, PBT margins for the air and
ocean freight divisions improved due to higher tender prices compared to buying costs. However, overall core PATAMI (-6.5%yoy) declined due to a reduction in investment tax allowance (ITA). Sequentially, core PATAMI (+20.1%qoq) increased due to higher revenue from all divisions except the CSC.
與 2QFY24 相比，收入增長（同比增長8.1％），這主要是由空運和海運貨運量的增加所推動的。這有助於抵消合同物流部門的疲軟（同比下降22.3％），該部門可能是受美國製裁影響的一家主要太陽能電池板客戶的出貨量減少的影響。由於以色列的持續抵制，冷藏供應鏈（CSC）部門（同比下降7.4％）的收入也有所減弱。正如預期的那樣，空氣的PbT利潤率和
由於投標價格高於購買成本，海運部門有所改善。但是，由於投資稅收減免（ITA）的減少，PATAMI的整體核心股份（同比下降6.5％）下降。由於除CSC以外的所有部門的收入增加，核心PATAMI（環比增長20.1％）連續增長。
Outlook. Market ocean freight rates are expected to remain elevated, despite being on a downward trend since Jul-24. The majority of Tasco's freight business still operates on a tender basis, and customers' preference for short-term contracts of 3 to 6 months offers some earnings visibility. Tasco is partly safeguarded from fluctuations in market freight rates because of a newly implemented clause that permits revisions in tender prices. In addition, MIDF said it remains optimistic about the warehousing business, as demand remains strong, and the increase in capacity provides cross-selling opportunities for transportation services. Tasco has begun an extension of its 4-storey Shah Alam Logistics Centre, which will add 400,000 sq ft of lettable space connected to the existing 600,000 sq ft warehouse, with completion expected in CY26.
展望。儘管自7月24日以來一直呈下降趨勢，但預計市場海運費率仍將保持較高水平。Tasco的大部分貨運業務仍在招標基礎上運營，客戶偏愛3至6個月的短期合同可以提供一定的收益可見度。由於新實施了一項允許修改投標價格的條款，Tasco在一定程度上受到保護，免受市場運費波動的影響。此外，MIDF表示，由於需求仍然強勁，它對倉儲業務仍然持樂觀態度，運力的增加爲運輸服務提供了交叉銷售機會。Tasco已開始擴建其4層高的莎阿南物流中心，該中心將增加40萬平方英尺的可出租空間，與現有的60萬平方英尺倉庫相連，預計將於26財年完工。
Maintain BUY. The house is maintaining its earnings estimates for now, awaiting further guidance from the results briefing. Target price is being kept at RM1.20 (based on 14x FY25F EPS). The stock is trading at8.8x FY25F EPS, which is -1.0SD of its 5-year historical mean. Key downside risks include: (i) the loss of a major customer, (ii) fluctuations in freight rates, and (iii) a decline in trade activity.
維持買入。衆議院目前維持其收益預期，等待業績簡報會的進一步指導。目標價格維持在1.20令吉（基於 FY25F 每股收益的14倍）。該股的交易價格爲 FY25F 每股收益的8.8倍，爲其5年曆史平均值的-1.0美元。主要的下行風險包括：（i）失去主要客戶，（ii）運費波動以及（iii）貿易活動下降。
