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Author: Tan KW   |   Latest post: Fri, 20 Sep 2019, 10:29 PM

 

星狮集团 股价被高估

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目标价:28.30令吉最新进展

星狮集团(F&N,3689,主板消费产品股)截至今年6月杪第三季,净利按年激增50.63%至1亿449万5000令吉,或每股28.5仙。

当季营业额却按年下跌1.1%,报10亿2974万7000令吉。 

大马业务净利大涨45.2%至4910万令吉;泰国业务营业额,则走低2.9%至4亿3540万令吉。 

行家建议

尽管第三季净利大增50.6%,但是累积9个月的净利仅按年微增0.1%,这符合我们与市场的预期,分别占全年预测的75.1%和73%。

基于最新业绩在预测之内,因此我们维持财测不变。 之前,由于商家在推行消费税(GST)之前减少存货量,导致集团的销量在一个季度前就开始减少。随着消售与服务税(SST)在9月1日生效,我们预计这种情况将会在2018财年第四季重演。

由于股价近期走高,本益比现已超过40倍,对比两年历史本益比26.7倍,显得已被高估,而周息率也随之跌到约2.0%左右。

综合所有因素,我们维持“卖出”评级,及28.30令吉目标价,这是根据21.3倍本益比得出。

http://www.enanyang.my/news/20180804/星狮集团br-股价被高估/

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