UEM's RM2.7 Billion Unbilled Sales Provides Cushion For Future Revenue
UEM's RM2.7 Billion Unbilled Sales Provides Cushion For Future Revenue
UEM Sunrise Bhd (UEMS) reported a core net profit of RM16.9 million for 2Q24, a notable improvement of 143% quarter-on-quarter but a decline of 26% year-on-year. This brings the core net profit for the first half of 2024 to RM23.9 million, reflecting a 32% decrease from the previous year and falling short of expectations at 24% of Bloomberg consensus and 27% of internal forecasts.
ueM Sunrise Bhd（UEMS）报告称，24年第二季度的核心净利润为1690万令吉，同比显著增长了143％，但同比下降了26％。这使2024年上半年的核心净利润达到2390万令吉，比上年下降了32％，低于预期，为彭博共识的24％，占内部预测的27％。
In light of these results, analysts from CGS, RHB and Maybank have issued various recommendations. An analyst maintains a BUY call with a target price of RM1.60, highlighting a 61% potential upside. The firm expects stronger earnings in the second half of the year due to an increase in new launches and potential non-core asset sales. On the other hand, an analyst reiterates a REDUCE rating with a target price of RM0.75, reflecting concerns over UEMS's performance despite its strategic landbank and ongoing sales. Additionally, a third analyst has downgraded the stock to HOLD with a target price of RM1.00, citing weak earnings and limited upside potential.
鉴于这些结果，来自CGS、RhB和Maybank的分析师发布了各种建议。一位分析师维持买入看涨期权，目标价为1.60令吉，这凸显了61％的潜在上涨空间。该公司预计，由于新上市的增加和潜在的非核心资产销售，下半年的收益将更强。另一方面，一位分析师重申了REDUCE评级，目标价为0.75令吉，这反映了对UEMS尽管拥有战略性土地储备和持续销售的业绩的担忧。此外，第三位分析师已将该股评级下调至持有，目标价为1.00令吉，理由是收益疲软，上行潜力有限。
The weaker-than-expected performance in 1H24 is attributed to a drop in revenue to RM430.2 million, down 29% year-on-year. This decline stems from lower contributions from the property development segment and a 28% fall in land sales compared to the previous year. The decrease in profit margins, as evidenced by a 2 percentage point drop in EBIT margin, further impacted the results.
24年上半年的表现低于预期，这归因于收入下降至43020万令吉，同比下降29％。这种下降是由于房地产开发板块的贡献减少以及土地销售与去年相比下降了28％。利润率的下降进一步影响了业绩，息税前利润率下降了2个百分点。
Despite these challenges, UEMS secured RM502.4 million in new property sales during 1H24. The company remains on track to achieve its full-year sales target of RM1.0 billion, although this target is lower compared to the previous year's RM2.1 billion, which included significant contributions from Collingwood in Melbourne. The firm is expected to benefit from upcoming launches and potential gains from land sales in East Ledang, Johor.
尽管面临这些挑战，UEMS在24年上半年仍获得了5.024万令吉的新房地产销售额。该公司仍有望实现其全年10令吉的销售目标，尽管该目标低于去年的21令吉，其中包括墨尔本科林伍德的大量捐款。预计该公司将受益于即将推出的产品以及柔佛州东乐当土地出售的潜在收益。
Looking ahead, UEMS's unbilled sales remain robust at RM2.7 billion, providing a cushion for future revenue. The company is also set to ramp up new project launches in the latter half of the year, with planned projects worth approximately RM430 million already underway. This includes high-demand properties such as Aspira LakeHomes and new developments in the southern region.
展望未来，UEMS的未开票销售额保持强劲势头，为未来的收入提供了缓冲。该公司还将在下半年加大新项目的启动力度，计划中的项目价值约43000万令吉已经在进行中。这包括需求旺盛的房产，例如Aspira LakeHomes和南部地区的新开发项目。