AEON Anticipates Stronger Retail Performance In 4Q24
AEON Anticipates Stronger Retail Performance In 4Q24
"The company's private-label products have shown promising growth, with sales rising over 30% year-on-year, although they still make up less than 5% of total retail sales.Both MIDF Amanah Investment Bank Bhd (MIDF Research) and Maybank Investment Bank Bhd (Maybank IB) have maintained their BUY call for $AEON (6599.MY)$ following a positive third quarter of 2024 (3Q24) briefing.
馬來西亞金融發展投資銀行（MIDF Research）和馬來銀行投資銀行（Maybank IB）均維持了對$AEON(6599.MY)$的買入看漲。 $AEON (6599.MY)$ 在2024年第三季度（3Q24）的積極簡報之後。
Both research houses have also maintained AEON's target price (TP) at RM1.67 and RM1.95 with MIDF Research's TP based on a price-earnings ratio (PER) of 15.5 times pegging to FY25F earnings per share of 10.8sen while Maybank IB's TP is based on 17 times FY25E PER and long-term mean.
兩家研究機構還將AEON的目標價維持在RM1.67和RM1.95，MIDF Research的目標價基於市盈率（PER）15.5倍，基於FY25F每股收益10.8仙，而Maybank IB的目標價則基於FY25E PER的17倍以及長期均值。
Despite facing softer demand in discretionary categories due to inflationary pressures, MIDF Research said the company continues to perform well, particularly within its food line segment, which contributed 55.7% of year-to-date sales.
儘管由於通脹壓力，非必需品的需求有所減弱，MIDF Research表示，該公司在其食品線業務中表現良好，貢獻了年初至今銷售的55.7%。
"The company's private-label products have shown promising growth, with sales rising over 30% year-on-year, although they still make up less than 5% of total retail sales.
“公司的自有品牌產品顯示出良好的增長，銷量同比增長超過30%，儘管它們仍佔零售總銷售額的不到5%。
"Additionally, AEON plans to expand its private-label offerings by increasing stock-keeping units. On the property management side, AEON's malls recorded an impressive occupancy rate of 95.1% in 9M24, boosted by mall rejuvenations and a well-optimised tenant mix," MIDF Research said in a note, adding that AEON remains committed to renewing tenant agreements, having already renewed 65% of agreements by 3Q24, with a target of 90% for the full year.
「此外，AEON計劃通過增加庫存單位來擴大其自有品牌產品的種類。在物業管理方面，AEON的購物中心在2024年前三季度（9M24）錄得95.1%的出租率，這得益於購物中心的改造和優化的租戶組合，」MIDF Research在一份報告中表示，並補充說AEON仍致力於續簽租戶協議，截至2024年第三季度已有65%的協議被續簽，目標是全年達到90%。
At the same time, MIDF Research shared that AEON will also continue its focus on sustainability initiatives, including solar panel installations across 11 malls, which are expected to reduce utility costs by 5%-7%.
同時，MIDF Research還分享了AEON將繼續關注可持續發展計劃，包括在11個購物中心安裝太陽能面板，預計將減少5%-7%的公用事業費用。
"The company has also expanded its electric vehicle charging infrastructure and waste management systems.
公司還擴大了其電動汽車充電基礎設施和廢物管理系統。
"Furthermore, AEON anticipates minimal impact from Malaysia's planned minimum wage hike to RM1,700, estimating that it will affect less than 1% of total operating expenses (opex)," the research house said.
此外，AEON預計馬來西亞計劃將最低工資提高至RM1,700的影響將很小，研究機構估計這將影響不到1%的總營業費用（opex）。
Commenting further on the minimum wage, Maybank IB said the impact of the minimum wage increase (effective Feb 1, 2025) on AEON's opex will also be minimal as foreign workers make up less than 5% of its total workforce.
梅花銀行進一步評論說，最低工資的提高（自2025年2月1日起生效）對AEON的營業費用影響也將很小，因爲外籍工人只佔其總勞動力的不到5%。
Looking ahead, AEON is optimistic about the retail outlook, supported by a stable job market, government initiatives and strong consumer spending.
展望未來，AEON對零售前景持樂觀態度，得益於穩定的就業市場、政府舉措和強勁的消費支出。
The company's focus on expanding private-label products, enhancing digital capabilities and developing AEON Living Zones is expected to drive further customer engagement and loyalty.
公司專注於擴大自有品牌產品、提升數字能力和開發AEON生活區，預計將進一步推動客戶參與和忠誠度。
With the Lunar New Year season approaching, AEON anticipates a stronger retail performance in 4Q24.
隨着農曆新年即將到來，AEON預計在2024年第4季度零售表現將更強勁。
