Analysts Confident On Farm Fresh Churning Growth In 1HFY25
Analysts Confident On Farm Fresh Churning Growth In 1HFY25
Both analysts agree that while the outlook remains positive, there are risks, particularly from potential input cost increases and delays in expansion plans. Despite these concerns, Farm Fresh's solid market presence, new product launches, and international expansion efforts, such as its production unit in the Philippines, have positioned it well for continued growth.Farm Fresh Bhd has received a BUY recommendation from both RHB Investment Bank Bhd (RHB Research) and Maybank Investment Bank Bhd (Maybank IB), with target prices of RM2.11 and RM2.05, respectively. Both research houses are optimistic about the company's strong growth trajectory, driven by robust sales and solid margins.
Farm Fresh Bhd已收到盧比投資銀行有限公司（RhB Research）和馬來亞銀行投資銀行有限公司（Maybank IB）的買入建議，目標價分別爲2.11令吉和2.05令吉。在強勁的銷售和穩健的利潤率的推動下，兩家研究機構都對公司的強勁增長軌跡持樂觀態度。
RHB Research maintains a BUY call with a target price of RM2.11, representing a 17% upside. Analyst Soong Wei Siang noted that Farm Fresh's first half of FY25 results met expectations, with a core net profit of RM53 million, a 169% year-on-year increase. RHB expects continued sales growth, particularly from its premium products such as ice cream and chocolate malt, and is optimistic about the company's ability to sustain its positive margin trajectory, buoyed by lower input costs and a growing market share in the dairy sector. The brokerage is confident that Farm Fresh's established brand equity and expansion plans will continue to drive earnings growth in the second half of FY25.
RhB Research維持買入看漲期權，目標價爲2.11令吉，上漲幅度爲17％。分析師宋維祥指出，Farm Fresh的25財年上半年業績符合預期，核心淨利潤爲5300萬令吉，同比增長169％。RhB預計銷售額將持續增長，尤其是冰淇淋和巧克力麥芽等優質產品的銷售增長，並對該公司在投入成本降低和乳製品行業市場份額增加的推動下維持正利潤率增長的能力持樂觀態度。該經紀公司相信，Farm Fresh的既定品牌資產和擴張計劃將繼續推動25財年下半年的收益增長。
Meanwhile, Maybank IB also maintains a BUY recommendation for Farm Fresh, with a target price of RM2.05. The bank believes the company is on track to deliver consistent earnings in the second half of FY25, backed by stable domestic liquid milk demand, increasing contributions from new products, and stable input costs. For the second quarter of FY25, Farm Fresh posted a 107% year-on-year increase in core net profit to RM26 million, with 1HFY25 core net profit rising 205% year-on-year. Maybank highlighted that the company's gross profit margin benefitted from lower milk costs, particularly in its commercial ultra-high temperature (UHT) product category and new ice cream products.
同時，馬來亞銀行Ib也維持對Farm Fresh的買入建議，目標價爲2.05令吉。該銀行認爲，在穩定的國內液態奶需求、不斷增加的新產品捐款和穩定的投入成本的支持下，該公司有望在25財年下半年實現穩定的收益。在25財年第二季度，Farm Fresh公佈的核心淨利潤同比增長107％至2600萬令吉，1HFY25 核心淨利潤同比增長205％。馬來亞銀行強調，該公司的毛利率受益於較低的牛奶成本，尤其是在其商用超高溫（UHT）產品類別和新的冰淇淋產品方面。
Both analysts agree that while the outlook remains positive, there are risks, particularly from potential input cost increases and delays in expansion plans. Despite these concerns, Farm Fresh's solid market presence, new product launches, and international expansion efforts, such as its production unit in the Philippines, have positioned it well for continued growth.
兩位分析師都認爲，儘管前景仍然樂觀，但存在風險，特別是潛在的投入成本增加和擴張計劃的延遲。儘管存在這些擔憂，但Farm Fresh穩健的市場佔有率、新產品的發佈以及國際擴張努力，例如其在菲律賓的生產基地，爲其持續增長做好了準備。