Guan Chong On Course For Record Year
Guan Chong On Course For Record Year
Guan Chong Berhad (GCB) continues to demonstrate strong growth, with its year-on-year (YoY) earnings trajectory sustained through the first half of 2024 (1H24). The company reported record-high revenue of RM4.1 billion for 1H24, an 80.9% increase from the previous year. This translated into core earnings of RM159 million, reflecting a 207% YoY increase, which has already surpassed the figures for the entire financial year of 2023 (FY23).
Guan Chong Berhad (GCB)繼續展現強勁增長勢頭，截至2024年上半年（1H24），其年同比收益增長持續。公司報告了1H24的創紀錄營業收入爲41億馬幣，較去年同期增長80.9%。這轉化爲核心收益15900萬馬幣，同比增長207%，已超過2023財年整體收益。
Analysts at RHB maintain a positive outlook on Guan Chong, reiterating a BUY call with a target price of RM5.10, representing a 52% upside from its current market price of RM3.35. The company's performance in 1H24 met 40% and 45% of the firm's and consensus estimates, respectively, with expectations of an even stronger second half of 2024 (2H24). Key growth catalysts include the ongoing expansions at its Ivory Coast plant and the growth of its industrial chocolate operations in the UK.
RHb的分析師對Guan Chong保持積極態度，重申對其的買入評級，目標價爲5.10馬幣，相當於當前市價3.35馬幣的52%上漲。公司在1H24的表現分別達到了公司預期的40%和市場預期的45%，預計2024下半年將進一步表現強勁。主要的增長驅動因素包括象牙海岸工廠的持續擴建以及在英國的工業巧克力業務的增長。
Guan Chong's 2Q24 results further cement its position as a leading player in the cocoa processing industry. The company recorded core earnings of RM67 million in 2Q24, a 138% YoY increase, on the back of higher revenue of RM2.2 billion, up 91.6% YoY. However, there was a 27.2% quarter-on-quarter (QoQ) decline in earnings due to shipment delays and lower hedging gains, which affected production and sales tonnage.
Guan Chong在2Q24的業績進一步鞏固了其在可可加工行業中的領先地位。該公司在2Q24實現了6700萬馬幣的核心收益，同比增長138%，營業收入爲22億馬幣，同比增長91.6%。然而，由於裝運延誤和對沖收益下降，導致生產和銷售噸位受到影響，收益出現了27.2%的季度環比下降。
Despite these challenges, the company's EBITDA yield expanded YoY to RM1,545 per tonne, compared to RM873 per tonne in 2Q23, driven by higher average selling prices (ASP) of cocoa solids and favourable hedging positions. However, the EBITDA yield contracted from a high of RM2,000 per tonne in 1Q24 due to the aforementioned shipment delays and lower hedging gains. Additionally, Guan Chong's gearing ratio deteriorated to 1.71x from 1.53x in 1Q24, largely due to higher working capital needs stemming from port congestion and elevated bean costs.
儘管面臨這些挑戰，公司的每噸EBITDA產出同比增長至1545馬幣，較2Q23的873馬幣提高，這得益於可可固體分和有利的對沖位置的平均銷售價格上漲。然而，由於前述裝運延誤和對沖收益下降，EBITDA產出從1Q24的每噸高達2000馬幣收縮。此外，由於港口擁堵和可可豆成本升高，Guan Chong的負債比率從1Q24的1.53倍下降至1.71倍。
Looking ahead, Guan Chong is on course for a record year in 2024, with expectations of continued strong demand for cocoa ingredients and historically high ASPs. However, the company faces some headwinds, including delays in bean deliveries due to ongoing port congestion, which could impact production efficiency and sales tonnage in the coming months.
展望未來，Guan Chong在2024年有望創下歷史紀錄，預計可可成分需求持續強勁，平均銷售價格創歷史新高。然而，公司面臨一些不利因素，包括因持續港口擁堵而導致的可可豆交貨延誤，這可能影響未來幾個月的生產效率和銷售噸位。