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Author: Tan KW   |   Latest post: Fri, 22 Feb 2019, 10:54 AM

 

联合马六甲 第三季或续蒙亏

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目标价:5.10令吉最新进展:

联合马六甲(UMCCA,2593,主板种植股)管理层预料,印尼现财年的鲜果串产量可增长20%,但大马半岛和沙巴则分别会下跌5%和15%。

尽管如此,管理层预估下财年总产量增长15%,归功年轻棕油产量增长和埃尔尼诺效应后全面复苏。

该公司在印尼增设新提炼厂,将提升总提炼产能45%,至每小时125公吨;料于5月开始运作。

行家建议:

管理层的现财年下跌预测,符合我们6%的跌幅预估。

尽管印尼鲜果串产量仅占新厂15%的产能,我们认为该公司能从邻近种植园取得鲜果串,增加使用率;因此,上调下财年核心净利预估,从140万令吉,升至2670万令吉。

由于新的成熟棕油树造成更高保养费用,生产费用将提升至每公吨2000令吉。

再加上去年下半年不利的原棕油价格,我们预料该公司在第三季继续蒙亏,并在现财年年报中,首次呈报亏损。

不过,下财年产量增长稳定,我们相信成本将在同期下降至每公吨1600令吉。

下调评级至“低于大市”,目标价从4.80令吉提升至5.10令吉。 

http://www.enanyang.my/news/20190208/联合马六甲br-第三季或续蒙亏/

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Labels: UMCCA

Related Stocks

Chart Stock Name Last Change Volume 
UMCCA 5.55 0.00 (0.00%) 31,700 

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