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Author: Tan KW   |   Latest post: Sat, 23 Jan 2021, 12:05 AM

 

【行家论股/视频】乐天大腾化学 核心净利超预期

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https://youtu.be/dj9i14hDO8w

分析:马银行投行研究

目标价:2.10令吉

最新进展

联号业务亏损恶化,加上外汇损失,导致乐天大腾化学(LCTITAN,5284,主板工业股)2020财年第三季净利年跌13.7%,报7876万7000令吉。

平均售价走低,第三季营业额年降10.5%,至19亿4059万3000令吉。

首9个月来看,该公司转亏257万2000令吉;营业额则年挫23%,报49亿7869万1000令吉。

 

行家建议

第三季核心净利为1亿800万令吉,首9月核心净利累积至3700万令吉,按年大跌85%,超出我们和市场的预期,分别占全年预测的137%和191%,因为产品价差比预期高。

劳拉飓风和三角洲飓风侵袭,导致美国厂房被迫停运6到8周,但已在上月中重新运作,加上单乙二醇10月的产品价差,增加至每吨290美元左右,料激励末季盈利走高。

另外,高聚合物的价差也攀升至650美元,我们认为该公司本财年末季能取得更高的盈利,并调高本财年平均售价3%,随后将该年的净利预估,上调至1亿7700万令吉。

同时,明年估计有边佳兰项目(RAPID)和中国的新产能打入市场提高供应,我们假设产品价差走软,维持明后财年的每股净利预测。

维持2.10令吉目标价,等同两倍的企业价值对除息税摊销折旧前盈利(EBITDA)比例,比过去5年均值,低一个标准差,维持“守住”评级。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】乐天大腾化学-核心净利超预期

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