Poor Delivery From Swift Haulage
Poor Delivery From Swift Haulage
Outlook. The second half of the year is usually stronger for the container haulage business due to the peak season. However, this year's performance was affected by the Red Sea crisis, which contributed to port congestion and disrupted the movement of goods. Meanwhile, an additional +30% more capacity or +387,000 sq ft will be added to Swift's own/lease & operate warehouse portfolio this year. MIDF said it anticipates further margin improvement as the overall warehouse utilisation rate is expected to increase to 80% this year (FY23: 74%). The house sees additional potential in the land transportation segment as warehouse utilisation rates improve, which could drive further growth through cross-selling opportunities
Swift Haulage Berhad (Swift) reported a core PATAMI of RM5.5m for 3QFY24, bringing the total for 9MFY24 to RM21.2m. This was below expectations, achieving only 60%/55% of MIDF's/consensus full-year forecast as the profit margin was unexpectedly lower.
快捷物流公有公司（Swift）報告第3季度財務年度24的核心PATAMI爲550萬令吉，使得第9個月財務年度24的總額達到2120萬令吉。這低於預期，僅實現MIDF的/共識全年預測的60%/55%，因爲利潤率意外地較低。
Quarterly. All segments drove the +8.9%yoy revenue growth in 3QFY24, with double-digit gains in higher-margin warehousing & depot and freight forwarding businesses. The PBT margin drop in the container haulage segment (-1.7ppts) was likely due to lower volumes stemming from port congestion. Core PATAMI more than doubled compared to 3QFY23, driven by an overall +1.7ppts improvement in margin.
季度。所有板塊推動了第3季度財務年度24的+8.9%同比營業收入增長，高邊際倉儲和貨運業務實現兩位數增長。集裝箱運輸板塊的PBt利潤率下降（-1.7個百分點）可能是由於因港口擁堵導致的貨物量下降。核心PATAMI比較第3季度財務年度23翻了一番，受到整體利潤率+1.7個百分點的提升的推動。
Sequentially, the +5.9%qoq revenue increase was driven by growth across all segments. Land transportation was the only segment experiencing a drop in PBT margin (-0.5ppts), likely due to lower rates from the absence of festive periods. Core PATAMI declined -34.0%qoq, partly due to a higher effective tax rate in the reporting quarter.'
順序地，+5.9%環比營業收入增長來自所有板塊的增長。陸運是唯一一個經歷PBt利潤率下降（-0.5個百分點）的板塊，可能是由於節日期間價格下降造成的。核心PATAMI環比下降-34.0%，部分原因是報告季度的有效稅率較高。
Outlook. The second half of the year is usually stronger for the container haulage business due to the peak season. However, this year's performance was affected by the Red Sea crisis, which contributed to port congestion and disrupted the movement of goods. Meanwhile, an additional +30% more capacity or +387,000 sq ft will be added to Swift's own/lease & operate warehouse portfolio this year. MIDF said it anticipates further margin improvement as the overall warehouse utilisation rate is expected to increase to 80% this year (FY23: 74%). The house sees additional potential in the land transportation segment as warehouse utilisation rates improve, which could drive further growth through cross-selling opportunities
展望。上半年通常是集裝箱運輸業務的強勁時期，因爲有高峰時期。然而，今年的表現受到紅海危機的影響，導致了港口擁堵和貨物運輸受阻。與此同時，今年將向快捷自有/租賃和運營倉庫組合增加30%的容量或387,000平方英尺。MIDF表示，預計由於整體倉庫利用率預計今年將提高到80%（FY23：74%），因此預計會有進一步的利潤率改善。該機構認爲，隨着倉庫利用率的提高，陸運板塊有進一步潛力，這可能通過交叉銷售機會帶來進一步增長。
Maintain BUY for now. Earnings estimates are maintained for now, though there is a possibility of a downgrade as MIDF said it awaits the 9MFY24 operating statistics to be shared during the results briefing later today. The stock is trading at -0.5 SD below the sector's 5-year historical mean. A key downside risk is further pressure on profit margins from diseconomies of scale
目前保持買入。儘管目前維持收益預測，但MIDF表示，由於等待在今天稍後的業績說明會中分享第9個月財務年度24的運營統計數據，可能會下調。該股目前交易在該板塊5年曆史均值的-0.5標準差以下。一個主要的下行風險是來自規模經濟不利導致的利潤率進一步增壓。
