Mynews Set For 122% Growth In FY25
Mynews Set For 122% Growth In FY25
The FPC has seen a turnaround, with higher production volumes and reduced wastage attributed to meticulous inventory management and optimal SKU selection. Meanwhile, WHSmith recorded its best performance in 4QFY24, benefiting from the rebound in tourist arrivals.
RHB Investment Bank Bhd (RHB Research) has maintained its BUY call on Mynews Holdings Bhd with a target price (TP) of 81 sen, representing a 20% upside potential alongside an expected yield of approximately 2% for the financial year of 2025 (FY25). The research house cited a robust 122% growth forecast for FY25, driven by the turnaround of CU, improved contributions from its food processing centre (FPC), and strong performances from its Mynews and WHSmith segments.
RHb投資銀行（RHb研究）對Mynews Holdings Bhd維持買入看漲，目標價定爲81仙，代表20%的上漲潛力，以及預計2025財年的收益率約爲2%。該研究機構指出，2025財年預計增長122%，主要受到CU的轉機、食品加工中心（FPC）貢獻的改善，以及Mynews和WHSmith業務的強勁表現的推動。
Management's plans for FY25 include opening 80 to 100 new outlets nationwide, with a 60-40 split between Mynews and CU. The Maru Coffee brand, which debuted in 4QFY24, is also expanding rapidly, with 20 more outlets planned. Gross profit margins are anticipated to increase further to 38%, supported by improved bargaining power with suppliers and enhanced wastage control from the consolidation of Mynews and CU management teams.
管理層計劃在2025財年在全國開設80到100家新店，Mynews和CU的比例爲60-40。Maru Coffee品牌在2024財年第四季度首次亮相，目前正在迅速擴展，計劃再開20家店。毛利潤率預計將進一步提高至38%，這得益於與供應商的議價能力改善以及合併Mynews和CU管理團隊後對浪費控制的加強。
Mynews' market share has grown to 9%-10%, up from 8% earlier in 2024, with CU edging closer to a breakeven point. Product optimisation and the introduction of high-quality fresh food items have contributed to a 10.1% year-on-year sales growth for FY24. Additionally, the upcoming launch of the CU app, integrated with the existing Mynews app, is expected to bolster customer engagement.
Mynews的市場份額已增長至9%-10%，較2024年初的8%有所提高，CU也已接近盈虧平衡點。產品優化和引入高質量新鮮食品已推動2024財年銷售同比增長10.1%。此外，即將推出的CU應用程序與現有的Mynews應用程序集成，預計將提升客戶參與度。
The FPC has seen a turnaround, with higher production volumes and reduced wastage attributed to meticulous inventory management and optimal SKU selection. Meanwhile, WHSmith recorded its best performance in 4QFY24, benefiting from the rebound in tourist arrivals.
食品加工中心（FPC）已實現轉機，生產量增加和廢料減少歸因於細緻的庫存管理和最佳SKU選擇。同時，WHSmith在2024財年第四季度表現最佳，受益於遊客到達的回升。
RHB Research projects the effective tax rate to normalise to 24% in FY25, consistent with pre-pandemic levels, as CU is expected to recover from its losses. While maintaining its earnings forecast and TP of RM0.81, the research house highlighted potential risks, including delays in CU's turnaround, weaker consumer sentiment, and rising operational costs.
RHb研究預計2025財年的有效稅率將正常化爲24%，與疫情前水平一致，因爲CU預計將從其虧損中恢復過來。雖然維持其盈利預測和0.81令吉的目標價，該研究機構強調了潛在風險，包括CU的轉機延遲、消費者信心減弱以及運營成本上升。
At a current valuation of 18.2 times the FY25 price-to-earnings ratio, the stock remains attractive compared to its pre-pandemic mean of 22.9 times, signalling the market's incomplete pricing of Mynews' recovery potential.
在2025財年市盈率爲18.2倍的當前估值下，該股票相比於疫情前均值22.9倍仍然具有吸引力，顯示出市場對Mynews復甦潛力的定價尚未完全。
