M&A And Solar As New Revenue Growth For IOI
M&A And Solar As New Revenue Growth For IOI
IOI Corporation (IOI MK) is exploring new growth avenues in large-scale solar (LSS) farms and mergers and acquisitions (M&A) opportunities, according to a report by Maybank Investment Bank (Maybank). Despite these efforts, the company's full-year results are expected to meet Maybank's estimates but fall slightly below consensus expectations.
根據馬來亞銀行投資銀行（Maybank）的一份報告，IOI公司（IOI MK）正在探索大型太陽能（LSS）農場和併購（M&A）機會的新增長途徑。儘管做出了這些努力，但該公司的全年業績預計將達到馬來亞銀行的預期，但略低於市場普遍預期。
Maybank maintained a HOLD rating on IOI with an unchanged target price of RM3.95, based on a 19x Fiscal Year 2025 Forecast (FY25F) Price per Earnings (P/E) ratio. The bank highlighted that IOI remains committed to exploring M&A opportunities domestically and abroad in both its upstream and downstream segments.
根據19倍的2025財年預測（FY25F）每股收益價格（P/E）比率，馬來亞銀行維持對IOI的持有評級，目標價爲3.95令吉不變。該銀行強調，IOI仍然致力於探索其上游和下游領域的國內外併購機會。
IOI's 4QFY24 core Profit After Tax and Minority Interests (PATMI) was projected to be between RM280 million and RM305 million, bringing the FY24 estimate to RM1,084 million to RM1,109 million. This performance was supported by an increase in Fresh Fruit Bunch (FFB) output and better crude palm oil (CPO) average selling prices (ASP).
IOI的 4QFY24 核心稅後利潤和少數權益（PATMI）預計將在28000萬令吉至30500萬令吉之間，使24財年的估計值爲108400萬令吉至110900萬令吉。這種表現得益於新鮮水果束（FFB）產量的增加和粗棕櫚油（CPO）平均銷售價格（ASP）的上漲。
The group's downstream segment was expected to return to profitability in 4QFY24, recovering from a MYR2 million loss in 3QFY24. The improvement was attributed to better price spreads in the refining and oleo industries, as well as strong demand for cocoa butter equivalent products from its associate, Bunge Loders.
該集團的下游板塊預計將在 4QFY24 中恢復盈利，從 3QFY24 的200萬馬幣虧損中恢復過來。這種改善歸因於煉油和石油化工行業的價格利差擴大，以及其關聯公司Bunge Loders對可可脂當量產品的強勁需求。
The analyst at the bank kept its earnings forecasts for IOI unchanged, noting that while the refining and oleo outlook may have bottomed, it was uncertain if margins would significantly improve in FY25E due to regional overcapacity. Despite the cautious outlook, IOI's continued efforts in solar energy and strategic M&A opportunities present potential growth catalysts.
該銀行的分析師維持其對IOI的收益預測不變，並指出，儘管煉油和石油開採前景可能已經觸底，但由於地區產能過剩，尚不確定 FY25E 的利潤率是否會顯著提高。儘管前景謹慎，但IOI在太陽能和戰略併購機會方面的持續努力提供了潛在的增長催化劑。