Analyst Maintains Its Recommendation, Target Price For Taliworks
Analyst Maintains Its Recommendation, Target Price For Taliworks
The toll highways, particularly the Grand Saga and Grand Sepadu highways, saw a 3.1% and 1.8% growth in average daily traffic, respectively. Additionally, the toll compensation received from the government amounted to RM55.4 million for Grand Saga and RM38.7 million for Grand Sepadu, which significantly contributed to over 100% year-on-year EBIT growth for the toll division, as highlighted by RHB Research.RHB Investment Bank Bhd (RHB Research) has maintained its BUY recommendation and target price of 98 sen for Taliworks Corp Bhd after Taliworks' core profit of RM46.4 million for the first nine months of 2024 (9M24) was in line with the research house's expectations.
印度興業投資銀行有限公司（RhB Research）維持了Taliworks Corp Bhd的買入建議和98仙的目標價，此前Taliworks在2024年前九個月（9M24）的核心利潤爲4640萬令吉，符合該研究機構的預期。
This figure accounts for 70% of the full-year forecast, supported by improved construction progress at the Sungai Rasau Water Treatment Plant (WTP) and a solid performance from the company's highway operations.
這一數字佔全年預測的70％，這得益於雙溪拉索水處理廠（WTP）施工進度的改善以及該公司公路運營的穩健表現。
The third quarter ended Sept 30, 2024's (3Q24), results showed a 16% year-on-year growth in core earnings, bolstered by a 21% increase in earnings before interest and tax (EBIT) from the water treatment and supply division. This was primarily driven by a tariff hike that raised the bulk water supply rate to 48 sen per cubic metre from 42 sen, according to RHB Research.
截至2024年9月30日的第三季度（24年第三季度），業績顯示核心收益同比增長16％，這得益於水處理和供應部門的息稅前收益（EBIT）增長21％。根據RhB Research的數據，這主要是由關稅上調推動的，該上調將散裝水供應費率從42仙提高到每立方米48仙。
The toll highways, particularly the Grand Saga and Grand Sepadu highways, saw a 3.1% and 1.8% growth in average daily traffic, respectively. Additionally, the toll compensation received from the government amounted to RM55.4 million for Grand Saga and RM38.7 million for Grand Sepadu, which significantly contributed to over 100% year-on-year EBIT growth for the toll division, as highlighted by RHB Research.
收費高速公路，尤其是大薩加和大塞帕杜高速公路，平均每日交通量分別增長了3.1％和1.8％。此外，正如RhB Research所強調的那樣，政府從政府那裏獲得的通行費補償爲Grand Sepadu的5540萬令吉，Grand Sepadu的通行費補償爲3870萬令吉，這爲收費部門的息稅前利潤同比增長超過100％做出了重大貢獻。
However, Taliworks faced some challenges in 3Q24, particularly in its waste management associate, which reported a widened loss of RM9.2 million due to higher provisions for receivables. Furthermore, its renewable energy division experienced an operating loss of RM10.5 million due to increased rehabilitation and maintenance costs, as well as the write-off of certain property and equipment.
但是，Taliworks在24年第三季度面臨一些挑戰，尤其是其廢物管理子公司，該公司報告稱，由於應收賬款準備金增加，虧損擴大至920萬令吉。此外，由於修復和維護成本的增加以及某些財產和設備的註銷，其可再生能源部門的營業虧損爲1050萬令吉。
The construction arm also saw higher revenue recognition, particularly from the Sungai Rasau WTP project, although EBIT dropped 44% due to the completion of the Langat 2 project a year ago.
儘管由於一年前Langat 2項目的完成，息稅前利潤下降了44％，但該建築部門的收入確認率也有所提高，尤其是來自雙溪拉索水處理廠項目的收入。
Despite these mixed results, RHB Research has maintained its earnings estimates for Taliworks. The stock's valuation remains undemanding, trading at over two standard deviations below its five-year mean EV/EBITDA.
儘管業績好壞參半，但RhB Research維持了對Taliworks的收益預期。該股的估值仍然不高，交易價格比其五年平均EV/EBITDA低兩個標準差以上。
The company is expected to benefit from strategic water projects in Selangor, including the development of new water treatment plants, which could present further opportunities for its construction segment.
預計該公司將受益於雪蘭莪州的戰略水利項目，包括開發新的水處理廠，這可能會爲其建築領域帶來更多機會。
