Magnum Sees Turn In Luck
Magnum Sees Turn In Luck
Magnum Berhad has released its second quarter 2024 (2Q24) financial results, which largely aligned with or fell below market expectations. Despite these mixed outcomes, the company achieved a significant milestone in gross non-fixed offer (NFO) sales, draws, and outlets, reaching a post-COVID high, primarily due to a prolonged jackpot streak.
Magnum Berhad已发布了其2024年第二季度（2Q24）的财务业绩，与市场预期基本一致或略有下降。尽管结果不尽如人意，但由于持续的大奖连续运行，公司在非固定奖（NFO）销售、抽签和销售点等方面取得了重要里程碑，达到了疫情后的高点。
Analysts at Maybank have maintained their positive outlook on Magnum Berhad, reiterating a BUY rating and a discounted cash flow target price (DCF-TP) of RM1.34. This stance remains as they observe whether the impressive NFO performance can be sustained in future quarters. A key near-term factor for investors to watch is the potential disposal or listing of Magnum's 6% stake in U Mobile, which is estimated to contribute over RM0.15 per share to the DCF-TP.
马来亚银行的分析师维持对Magnum Berhad的积极展望，重申买入评级，目标价为1.34马币的折现现金流目标价（DCF-TP）。他们将观察令人印象深刻的NFO表现是否能在未来几个季度持续下去。投资者需要密切关注的一个近期关键因素是Magnum在U Mobile的6%股权的潜在处置或上市，预计将为DCF-TP贡献超过0.15马币每股。
In 2Q24, Magnum's core net profit reached RM45.4 million, marking a 4% increase year-on-year (YoY) and a substantial 75% rise quarter-on-quarter (QoQ). This performance met approximately 25% of the full-year earnings estimate. However, the interim dividend per share (DPS) of 2.0 sen, while flat YoY, fell slightly short of expectations, contributing to 22% of the full-year forecast. Over the first half of 2024 (6M24), the core net profit climbed to RM71.4 million, a 20% increase YoY, and the year-to-date (YTD) DPS rose marginally by 0.5 sen YoY to 3.5 sen. Nonetheless, these figures still lag behind forecasts, achieving only 40% and 39% of the full-year estimates, respectively, primarily due to a high prize payout ratio in the first quarter of 2024.
在2Q24，Magnum的核心净利润达到了4540万马币，同比增长4%，环比大幅增长75%。这一表现达到了全年盈利估计的约25%。然而，每股股息（DPS）为2.0仙，虽然与去年持平，但略低于预期，导致全年预期的22%。2024年上半年（6M24），核心净利润攀升至7140万马币，同比增长20%，全年累计股息略微上升了0.5仙至3.5仙。然而，这些数字仍然落后于预期，分别只完成了全年估计的40%和39%，主要是因为2024年第一季度的高奖金派彩比率。
Revenue for 6M24 reached RM1.19 billion, a 10% increase YoY, slightly surpassing expectations by achieving 54% of the full-year estimate. Notably, 2Q24 revenue grew by 3% QoQ despite a reduction in the number of draws, driven by a long jackpot run in May and June 2024. This led to an improvement in gross NFO sales, draws, and outlets to 93% of 2Q19 levels, compared to the estimated stabilisation at 85%.
截至6M24，营业收入达到了119亿马币，同比增长10%，略超预期，完成了全年预期的54%。值得注意的是，尽管抽签次数减少，但2Q24营业收入环比增长3%，这主要是因为2024年5月和6月大奖长时间奖金派彩的运行。这导致了非固定奖销售、抽签和销售点的提高至2Q19水平的93%，超过了预期的85%的稳定水平。
Looking ahead, Magnum Berhad remains cautiously optimistic, maintaining its earnings and dividends estimates. The company is poised to benefit from the potential reduction in prize payout ratios in future quarters, which could enhance profitability. Additionally, the anticipated disposal or listing of its U Mobile stake presents a significant upside potential, potentially adding over RM0.15 per share to the target price.
展望未来，Magnum Berhad保持谨慎乐观，维持其盈利和股息预期不变。公司将受益于未来几个季度奖金派彩比率的潜在降低，提高盈利能力。此外，预期的处置或上市其在U Mobile的股权将带来重要的上行潜力，可能为目标价增加超过0.15马币每股。
Source: Maybank
Title: Nice turn of luck for a change
资料来源：马来亚银行
标题: 运气好转