YTL Power FY24 Earnings Bolstered By Water, Telco Divisions Delivering
YTL Power FY24 Earnings Bolstered By Water, Telco Divisions Delivering
The company declared a second interim dividend of 4.0 sen per share, totalling a full-year dividend of 7.0 sen, which exceeded projections. Moving forward, YTLPOWR's outlook remains positive, with ongoing developments in its data centre and digital banking ventures expected to drive long-term growth. Despite a reduction in the sum-of-parts-based target price to RM5.20, YTLPOWR's diversified global assets and favourable gas inventory continue to underpin its earnings stability.YTL Power International Berhad (YTLPOWR) reported a robust performance for FY24, with its core profit reaching RM3.36 billion, in line with expectations, marking a 69% year-over-year increase. The company's revenue also saw a 2% rise, driven by higher revenues across all segments except PowerSeraya, which faced a 6% decline due to lower pool prices. Wessex Water and the telco unit showed significant improvements, with Wessex Water's revenue increasing by 22% following a tariff hike, and the telco unit's revenue growing by 29% due to construction revenue from the Sabah Point of Presence (PoP) project.
YTL Power International Berhad（YTLPOWR）報告稱，FY24表現強勁，核心利潤達到33.6億馬來西亞林吉特，符合預期，同比增長69%。公司營業收入也出現2%增長，除了PowerSeraya以外，所有業務部門均實現了收入增加，受到較低電力價格影響，PowerSeraya的收入下降了6%。 衛斯特克斯水務公司和電信部門的表現有顯著改善，衛斯特克斯水務公司的營業收入因爲調高水費而增長了22%，電信部門因爲沙巴PoP項目的施工收入增加了29%。
Analysts from various broking house have upgraded YTLPOWR to an OUTPERFORM, BUY and ADD rating, reflecting the emergence of value due to recent price weakness. The target price has been adjusted to RM5.20, with an expected continuation of strong earnings in FY25, particularly from the data centre business, which is set to contribute more meaningfully starting from the second half of FY25. The company's 4QFY24 results were buoyed by a 33% quarter-over-quarter increase in core profit to RM925.4 million, largely due to the turnaround of Wessex Water and the telco unit. However, PowerSeraya's earnings continued to decline, dropping by 7% despite higher revenue.
各大券商的分析師已將YTLPOWR的評級提升至超越市場、買入和加碼，因爲最近的價格疲軟使價值凸顯出來。目標價已調整至5.20馬來西亞林吉特，預計FY25的強勁盈利將繼續，特別是數據中心業務，預計從FY25下半年開始將有更有意義的貢獻。公司的4QFY24業績得到了提振，核心利潤同比增長33%，達到92540萬馬來西亞林吉特，這主要歸功於衛斯特克斯水務公司和電信部門的扭虧爲盈。不過，儘管收入增加，PowerSeraya的盈利繼續下降了7%。
Year-over-year, YTLPOWR's FY24 revenue growth was supported by Wessex Water's tariff hike and new contracts in the non-household retail market, alongside the telco segment's construction revenue. The company's core profit jump of 69% was largely attributed to a 50% surge in PowerSeraya's earnings, bolstered by long-term favourable gas costs. The turnaround in Wessex Water and the telco unit also contributed to the profit growth in 4QFY24.
與去年同期相比，YTLPOWR的FY24營業收入增長受到衛斯特克斯水務公司水費調高以及非住戶零售市場的新合同以及電信部門的施工收入的支持。公司核心利潤增長69%主要歸功於PowerSeraya的盈利增長50%，這主要受益於長期有利的燃料幣成本。 衛斯特克斯水務公司和電信部門的扭虧爲盈也對4QFY24的利潤增長起到了推動作用。
The company declared a second interim dividend of 4.0 sen per share, totalling a full-year dividend of 7.0 sen, which exceeded projections. Moving forward, YTLPOWR's outlook remains positive, with ongoing developments in its data centre and digital banking ventures expected to drive long-term growth. Despite a reduction in the sum-of-parts-based target price to RM5.20, YTLPOWR's diversified global assets and favourable gas inventory continue to underpin its earnings stability.
公司宣佈每股第二次臨時股息爲4.0仙，全年股息爲7.0仙，超出預期。展望未來，YTLPOWR的前景仍然積極，其數據中心和數字銀行業務的持續發展預計將推動長期增長。儘管基於零部件價值的目標價下調至5.20馬來西亞林吉特，YTLPOWR的多元化全球資產和有利的燃料幣庫存仍然支撐其盈利穩定性。
Sources: Kenanga, CGS, Maybank, MIDF, RHB
Titles: Value Emerges; Upgrade to OP, A good ending to a record year, Commendable delivery, Surprise from Wessex and Telco Business, A Solid Landing; Keep BUY
來源：肯納加，中國銀河，馬來銀行，明昌，RHB
標題：價值出現；升級至OP，記錄年終好局，交付值得稱讚，韋塞克斯和電信業務的意外驚喜，穩健落地；繼續買入