Despite Loss At Phospate Plant, Cahya Mata Looks Well Back On Track
Despite Loss At Phospate Plant, Cahya Mata Looks Well Back On Track
In terms of its phosphate operations, CMS faces delays in arbitration hearings with SESCO, which have been rescheduled to May 2025 from August 2024. The phosphate operation recorded a loss before tax of RM40 million in 1H24 due to preparation costs for commercialisation and a RM16 million write-down of inventories. The earnings forecast for FY24E has conservatively accounted for a RM108 million loss for this segment.Cahya Mata Sarawak (CMS MK) continues to track positively towards increased earnings delivery, supported by strong performance in its cement and Oiltools divisions. The company maintains a BUY call with an unchanged target price of RM1.60, based on a valuation of 10x FY25E PER, which reflects a price-to-book ratio of 0.4x and aligns with the company's RNAV per share estimate of RM3.38 as cited by Maybank Stock Broking House.
Cahya Mata Sarawak (CMS MK)在其水泥和Oiltools部门的强劲表现支持下，继续保持增长态势。公司维持对其的买入评级，目标价持平于RM1.60，基于FY25E PER的10倍估值，反映了0.4倍的市净率，并与马来亚银行证券经纪公司提供的每股净资产（RNAV）估算值RM3.38相一致。
CMS's cement division has shown resilience despite a challenging first half of the year. Cement volume sales were relatively flat quarter-on-quarter in 2Q24 due to adverse weather conditions affecting construction activities in Sarawak. For the first half of 2024, volume was down 4-6% year-on-year. However, the division's profit before tax margin expanded by 4.8 percentage points year-on-year to 23.6%, driven by reduced clinker costs and improved operational efficiencies. The recovery of the Malaysian Ringgit is expected to further support margins, with the company focusing on enhancing operational, logistics, and distribution efficiencies.
尽管2024年上半年面临挑战，CMS的水泥部门表现出了坚韧性。由于不利的天气条件影响了砂拉越的施工活动，2Q24的水泥产品销量较上一季度基本持平。2024年上半年，销量同比下降4-6%。然而，该部门的税前利润率同比扩大了4.8个百分点，达到23.6%，这得益于降低的熟料成本和改善的运营效率。随着马来西亚令吉的回稳，预计将进一步提高利润率，公司将着重提高运营、物流和分销效率。
The Oiltools segment has shown notable strength, with its order book reaching approximately RM0.5 billion by the end of June 2024. Active tenders are anticipated to boost the order book further. Oiltools reported a 12% increase in topline revenue and a significant 73% growth in profit before tax in 1H24, with a PBT margin of 18.1%. This performance has made Oiltools the second-largest contributor to the group's PBT, contributing 26% in 1H24. With the current year's PBT already at RM28 million, FY24E PBT is expected to exceed the RM29 million recorded in FY23.
Oiltools部门展现出明显的实力，截至2024年6月底，其订单金额已达到约5亿马币。预计未来还有活跃的投标将进一步推动订单簿增加。1H24销售额同比增长12%，税前利润增长73%，税前利润率为18.1%。该业绩使得Oiltools成为集团税前利润的第二大贡献者，贡献了1H24的26%。随着目前年度的税前利润已达到2800万马币，预计FY24E的税前利润将超过FY23的2900万马币。
In terms of its phosphate operations, CMS faces delays in arbitration hearings with SESCO, which have been rescheduled to May 2025 from August 2024. The phosphate operation recorded a loss before tax of RM40 million in 1H24 due to preparation costs for commercialisation and a RM16 million write-down of inventories. The earnings forecast for FY24E has conservatively accounted for a RM108 million loss for this segment.
就磷酸盐业务而言，CMS面临与SESCO的仲裁听证会推迟的问题，原定于2024年8月改为2025年5月进行。由于商业化准备费用的准备和库存的1600万马币减值，磷酸盐业务在1H24录得了4000万马币的税前亏损。FY24E的盈利预测已谨慎考虑了该业务的10800万马币亏损。
Despite the challenges, CMS's overall outlook remains robust, bolstered by strong performance in its core divisions and operational improvements. The company's current valuation remains attractive, and it is well-positioned to benefit from further recovery in its sectors. The BUY recommendation is reaffirmed, with the target price set at RM1.60, reflecting a 22% upside potential.
尽管存在挑战，康哲药业的整体前景仍然强劲，主营业务表现良好，并取得了运营改善。该公司目前的估值仍然具吸引力，并且在其行业进一步复苏中处于有利位置。买入建议得到重申，目标价设定为RM1.60，反映了22%的上涨潜力。
