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Author: Tan KW   |   Latest post: Tue, 14 Jul 2020, 7:28 AM

 

【视频】联合马六甲 全年料亏1210万

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目标价:5.26令吉

最新进展:

联合马六甲(UMCCA,2593,主板种植股)截至7月底的2020财年首季,净利按年转亏为盈,净赚3694万7000令吉,或每股17.62仙,因为录得一项资产脱售收益。

此外,首季营业额按年走高8.31%,报4333万令吉。

行家建议:

排除5390万令吉单次收益后,联合马六甲首季实则保持亏损,核心净亏按年扩大至1850万令吉,远超预期,归咎于营运与税务开支走高。

考量到脱售马六甲与森美兰的4片油棕园导致收入贡献减少,我们估计该公司全年将录得1210万令吉净亏。同时,鉴于费用提高,将2021财年财测下调46.7%。

上述脱售案将在本财年内完成,估计今年可获得8600令吉收益,即每股41仙。

鲜果串收成走高,管理层估计本财年产量可提升,但仍面对低棕油价的挑战,预计未来12个月,棕油价介于每吨2100到2300令吉。

我们略微上修目标价,从5.19令吉至5.26令吉,与本财年0.8倍较高的账面价值相当;不过,我们没有看到能推高股价的短期催化剂。维持“卖出”评级。


分析:达证券

http://www.enanyang.my/news/20190926/【视频】联合马六甲-全年料亏1210万/

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Labels: UMCCA

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UMCCA 4.55 +0.05 (1.11%) 19,000 

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