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Author: Tan KW   |   Latest post: Tue, 26 Jan 2021, 7:38 AM

 

【行家论股/视频】森那美种植 高棕油价料提振业绩

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https://youtu.be/uUouou33_cU

分析:马银行投行研究

目标价:5.24令吉

最新进展

森那美种植(SIMEPLT,5285,主板种植股)2020财年第三季,按年转盈1亿9000万令吉;上财年同季净亏2亿4300万令吉。 

第三季营业额报31亿8200万令吉,比上财年同季的28亿2100万令吉,年增12.8%。 

累积首9个月,森那美种植营业额年起8.7%,至94亿4200万令吉,且按年转亏为盈,录得10亿3600万令吉净利。 

 

行家建议

森那美种植2020财年首9个月核心净利,符合我们的预期,但超出市场的预期,分别占全年预测的74%和98%。

基于原棕油价格上涨,我们预计公司末季会交出季度最佳业绩。 

首9个月鲜果串产量年跌6%,占全年预测的74%,而10月份的数据已确认末季将按季走跌,公司因而认为全年将跌3至4%,我们也因此下修预测至跌4%。

在施肥方面,上半年缓慢后,第三季已加速,公司预计年杪前可完成,我们维持2021财年鲜果串995万吨的产量预测,年增7.9%。 

由于供应吃紧,我们早前把2020和2021年原棕油平均售价,上调至2660和2500令吉,加上鲜果串产量的预测,我们把2020财年的核心和整体每股净利,上修5%和7%。2021至2022财年则调高20%和4%。

据了解,公司脱售土地的进展会较慢,原定计划是在2021年底卖超过10亿令吉,因此,我们维持“守住”评级,但提高目标价至5.24令吉。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】森那美种植-高棕油价料提振业绩

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Labels: SIMEPLT

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Chart Stock Name Last Change Volume 
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