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PublicInvest Research

Author: PublicInvest   |   Latest post: Mon, 28 Sep 2020, 2:47 PM

 

PERAK TRANSIT BERHAD - Within Expectation

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Perak Transit (PTB) reported a net profit of RM9m in 3QFY19. Excluding deferred tax liabilities, core net profit for 3Q19 increased by 53% YoY to RM10.7m due to higher contribution from project facilitation fees (+64% YoY) as well as bus operations from additional contracted services during the quarter. YTD 9MFY19, core net profit jump 33% to RM28.7m, which was within our but above consensus’ expectations, accounted for 76% and 81% of full-year forecasts respectively. We maintain our Outperform call on PTB at an unchanged target price of RM0.43 based on DCF-valuation. During the quarter, it declared a second interim single-tier dividend of 0.75 sen, bringing its 9MFY19 DPS to 1 sen.

  • Revenue jump 17% YoY on higher project facilitation fee and bus operations. PTB reported higher YoY revenue for 3Q19 to RM32.4m, compared to RM27.7m in 3Q18. This was on the back of higher contribution from project facilitation fee of RM7.4m (vs RM4.5m in 3Q18), bringing its income from integrated terminal operations to to RM14.5m (+36% YoY). Its income from the bus operation segment was also higher YoY at RM9m (vs RM7m in 3Q18) mainly due to new hop-on and hop-off bus services and new stage bus services in Manjung. YTD 9M19, revenue increased 8% YoY to RM91.7m mainly due to the increase in rental of advertising & promotional (A&P) spaces, higher project facilitation fees (+45%) and income from bus operations (+8%). This however partially offset by lower contribution from petrol station operations (-10%) owing to lower sales volume and fuel price.
  • Higher pre-tax profit margin, but higher tax rate. Its pre-tax profit jumped by 56% YoY to RM12m in 3Q19, owing to higher income from project facilitation fees (+64% YoY). However, its net profit margin in 3Q19 declined to 28% (vs 30% in 3Q18) due to higher income tax expenses from increase in deferred tax liabilities from revaluation of property in the current quarter. For 9M19, its core net profit jumped 33% YoY at RM28.7m.
  • Dividend. A second interim single-tier dividend of 0.75 sen was declared during the quarter, bringing its 9MFY19 DPS to 1 sen. This translates to a payout ratio of 51% (vs 50% payout in 9MFY18).
  • Update on Terminal Kampar. We understand that the CCC approval for the 2nd phase of its Terminal Kampar operation i.e. the mall and hotel operation is only expected to receive by 1Q2020, due to some technical issues. The terminal bus on the Ground Floor is already in operation since 2Q19, with about ten bus operators operated at the terminal. We estimate an annual contribution of about RM10m, upon full operations at the Terminal Kampar, which provide an earnings growth of c.28% from FY18 numbers’.

Source: PublicInvest Research - 22 Nov 2019

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Labels: PTRANS

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Chart Stock Name Last Change Volume 
PTRANS 0.295 +0.01 (3.51%) 59,652,000 

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